The Insurance Regulatory Unit forbids expired insurance brokerage companies from sending requests for quotations or renewal requests to insurance companies.
A local Arabic daily said, the insurance companies are also prohibited from receiving requests for quotations or renewal requests from insurance brokerage companies that have expired and unlicensed, and insurance companies must notify the IRU if they receive any requests from insurance brokerage companies, e-mail the rejection, and send a copy of the e-mail to the Unit.
The Unit also indicated that insurance brokerage companies that have been licensed and unlicensed do not deserve commissions and fees for the documents they issued through insurance companies during the period of suspension and non-activity, and insurance companies are prohibited from paying commissions and fees to unlicensed and expired brokerage firms even if they obtain a license to practice the activity with retroactive effect.
Subsequently, the documents issued in the aforementioned period are considered direct documents between insurance companies and policyholders, and the role of the insurance broker is considered as null and void.
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