Damascus-SANA
Mr. President Bashar al-Assad issued Law No. /48/ of 2022 amending Article /40/ of the decree regulating the insurance market and related to the work of the federation of insurance companies.
The following is the text of the law:
Law No. /48/
President of the Republic
Based on the provisions of the Constitution.
And based on what was approved by the People’s Assembly in its session held on 5-21-1444 AH corresponding to 12-15-2022 AD.
issues the following:
Article 1 - Article /40/ of Legislative Decree No. /43/ of 2005 shall be amended to become as follows:
A- A professional federation of insurance and reinsurance companies that are subject to the provisions of this legislative decree shall be established and shall have a legal personality. All Syrian insurance companies shall be deemed members of this federation.
b- The federation shall take care of the interests of its members, implement the rules of practicing the profession, and represent insurance companies with any entity in relation to insurance business.
C- The Articles of Association of the federation defines its nature, tasks, responsibilities, provisions and procedures for its general assembly, its board of directors, affiliation allowance, annual subscription, and disciplinary procedures against its members, in a manner that does not conflict with the functions of the Authority and the provisions of this legislative decree.
d- The federation shall be registered in the Authority’s records and shall pay an annual registration fee as determined by the Authority’s Board of Directors.
e- The Articles of Association of the Federation, or any amendment thereto, shall not be deemed effective unless approved by the Board of Directors of the Authority.
f- The Board of Directors of the federation shall consist of five members, and at least one of the members shall be a representative of government companies operating in the sector.
g- The company that acquires more than 40% of the premiums on average for the last four years has the right to nominate two representatives for it in the board of directors of the federation, and it is deducted from the number of members subject to election.
h- The Authority shall have a representative to attend the meetings of the Federation’s Board of Directors and its committees without having the right to vote on decisions.
i- The operating insurance and reinsurance companies shall propose a draft of the new Articles of Association for the Federation in accordance with the provisions of this Legislative Decree, and present it to the Board of Directors of the Authority within one month from the date of issuance of this Law. It is effective from the date of its issuance.
Article 2 - This law shall be published in the Official Gazette.
Damascus on 5-28-1444 AH corresponding to 12-22-2022 AD
President of the Republic
Bashar al-Assad
