A Republican Decree to amend the executive regulations of the Law on Supervision and Control of Insurance Companies and Brokers and its amendments

  Aden

Today, a Republican Decree No. (9) of 2023 was issued, amending Republican Decree No. (192) of 1999 regarding the executive regulations of Law No. (37) of (26) of 1992 regarding supervision and control of insurance companies and brokers and its amendments.

 

The Article 1 of this Decree stipulated the amendment of (the following articles (15/b, 19, 21/b, 33/b, e, 34/d, 38/c, 39/c, 44, 50) of Republican Decree No. (192) of 1999 regarding the executive regulations of Law No. (37) of 1992 regarding the supervision and control of insurance companies and brokers and its amendments, to be read as follows:

Article (15) b: the application fee amounting to (15,000) fifteen thousand riyals shall be collected.

Article (19) Fees of (100,000) one hundred thousand riyals shall be collected for each type of licensed insurance for the Yemeni insurance and reinsurance company while practicing. The fees shall be doubled for the branch or agency of the foreign company.

Article: (21) b - In the event that the Minister agrees to renew the granting of the license, fees of (100,000) one hundred thousand riyals shall be collected for each type of licensed  insurance for the Yemeni insurance and reinsurance company while practicing. The fees shall be doubled for the branch or agency of the foreign company.

Article (33) b - The Supervisor shall study the application and the submitted documents, after collecting the application study fees amounting to (15,000) fifteen thousand.

E - A fee of (60,000) sixty thousand riyals shall be collected.

Article (34) D: A renewal fee of 30,000 Thirty thousand riyals shall be collected.

Article (38): C - The supervisor shall collect a fee of (60,000) sixty thousand riyals to grant the license and record the name of the specialized accountant in the register prepared for that.

Article (39): C - The supervisor shall collect a renewal fee of (30,000) thirty thousand riyals and direct the completion of the license renewal procedures.

Article (44): Fees for the registration of the union of insurance companies, amounting to (200,000) two hundred thousand riyals, shall be collected.

Article (50) A fee of (6,000) six thousand riyals shall be collected for reviewing the papers and data specified in Article (72) of the law, and a fee of (6,000) six thousand riyals for obtaining a certified copy thereof.

Article (2) Republican Decree No. (156) of 2009 is repealed and this decree is implemented in its place.

Article (3) The amendments contained in this decree shall be considered an integral part of the provisions of Republican Resolution No. (192) of 1999 and are to be read with it.

The fourth and final Article stipulates that this decree shall be effective from the date of its issuance and shall be published in the Official Gazette.