Increase the minimum capital required to perform an insurance activity

According to a deal between Lebanon's Association of insurance Companies (ACAL) and the Ministry of Economy and Commerce, the minimum capital required to perform an insurance activity in Lebanon is poised to increase soon. The text has introduced a distinction between existent companies and the new ones.
For existing companies:
The minimum capital is fixed at 5 million USD for a life insurance company, 7 million USD for a non-life company and 10 million USD for a composite company.
Companies have a four-year period to comply with the new provisions starting from the date when parliamentary approval of the legislation is published.
For new companies:
The minimum capital required is set at 10 million USD for both life and non-life insurance companies.