Syria
Entry into force of the new insurance regulation on July 15, 2005, the date at which license applications may be submitted. The law authorizes the establishment of private Syrian and foreign insurance companies. Foreigners' stakes in the capital of the companies may reach 67.5%.
Capital
- The minimum capital for a non-life insurance company is set at 13 million USD
- The minimum capital of a life and non-life insurance company is set at 17 million USD
- The minimum capital for a reinsurance company is set at 24 million USD
License
License requirements to operate on the market will apply to the following actors:
- Actuaries
- Consultants
- Loss adjusters
- Insurance agents
- Insurance brokers
- Reinsurance brokers
- Auditors
Insurance classes
According to the bill provisions, the list of insurances shall include ten categories:
- General liabilities
- Motor
- Property damage
- Marine
- Aviation
- Energy
- Construction
- Health
- Agriculture
- Life and capitalisation
Associations
- The insurance companies may team up into one professional organization. Likewise for the insurance general agents.
- Creation of a compensation fund for the benefit of road victims caused by non-insured vehicles.
- Setting up an arbitration legal committee for the settlement of conflicts arising between insured and insurers.
Libya
The new law authorizes the creation of private insurance and reinsurance companies. Insurance activities are divided into:
- Life and capitalization
- Property and third party liabilities insurance: fire, marine, motor, engineering, energy, miscellaneous and accidents
- The insurance activities are submitted to the control of the Economy and trade Committee (ministry).
- The insurance companies should get the status of limited companies.
- The minimum capital for the creation of a direct insurance company is set at 10 000 000 LYD (7 600 000 USD). Three tenths of the capital must be released upon creation of the company, the rest over a period of five years.
- The minimum capital for the creation of a reinsurance company is set at 30 000 000 LYD (22 800 000 USD).
- The foreign participation in the companies' capital shall not exceed 49%.
- The license applications must be submitted to the Economy and Trade Committee and must be accompanied by a technical and financial feasibility study and a list of the company's objectives.
Iraq
The new Iraqi legislation holds provision for the creation of an insurance body entrusted with the market control and supervision.
According to the law, insurance activity is divided into two categories: life and non-life.
The companies that are authorized to operate on the Iraqi market are:
- Iraqi state-owned companies
- Iraqi private companies
- Foreign companies' subsidiaries which are registered in Iraq
- Insurance and reinsurance mutuals (takaful)
- Any other insurer/reinsurer licensed by the supervising authority
It is no longer possible to grant license for composite companies (life and non-life). Only the already composite companies operating before the enactment of this law can pursue business in both life and non-life classes of business.
The license must be renewed annually after payment of fees. Renewal applications must be submitted one month ahead of the deadline expiry.
Iraqi insurers may be reinsured on either local or foreign markets.