Insurance laws Syria
Syria's insurance sector is governed by a combination of modern legislative reforms and legacy laws, reflecting the country's efforts to liberalize its economy while maintaining elements of state oversight.
📜 Key Insurance Legislation
1. Legislative Decree No. 43 of 2005 This decree marked a significant shift towards a more open insurance market by
Allowing the establishment of private insurance and reinsurance companies as joint-stock entities Permitting up to 67.5% foreign ownership in these companies Setting minimum capital requirements ranging from $13 million for non-life insurers to $24 million for reinsurance firms Empowering the Prime Minister to approve or reject insurance company applications Repealing earlier laws that had nationalized the insurance industry during the socialist era
2. Law No. 33 of 2005Complementing Decree No. 43, this law provides a comprehensive framework for insurance operations, focusing on
Clarifying the obligations of insurers and the rights of policyholders Establishing the Syrian Insurance Supervisory Commission (SISC) as the primary regulatory body Mandating clear and transparent insurance contracts
3. **Insurance Courts Law (Law No. 5 of 2017)**To address insurance-related disputes, this law
Established specialized civil courts with exclusive jurisdiction over insurance matters Aimed to streamline the adjudication process and enhance legal clarity in the insurance sector
4. Law No. 28 of 2013 law provided temporary relief to business owners by them from interest and penalties on overdue social insurance contributions, provided they settled their dues by the end of 2014
5. Law No. 4 of 2016 Similar to Law No. 28, this legislation offered
-Exemptions from fines and additional charges for delayed social insurance payments, contingent upon payment within a specified period
🏛️ Regulatory Bodies
Syrian Insurance Supervisory Commission (SISC) As the main regulatory authority, SISC oversees licensing, solvency, and market conduct of insurance entitie.
Syrian Insurance Federation (SIF) A collective of licensed insurers, SIF plays a role in industry development, training, and public awareness initiative.
The legal framework mandates tht:Insurance policies must be clear and transparent, detailing coverage, exclusions, and claim procedurs.have the right to fair treatment and access to dispute resolution mechaniss. The SISC is tasked with enforcing these standards to protect consumer interess.
📈 Market Landscae
The Syrian insurance market includes both public and private entities, offering a range of products suchas:
Motor insurnce
Health insurnce
Life insurnce
Property and casualty insurnce
Reinsurance servces
🔍 Summary
Syria's insurance sector has undergone significant reforms to modernize and liberalize its operatos. While challenges remain, particularly in consumer awareness and enforcement of regulations, the legal and regulatory frameworks established provide a foundation for a more dynamic and competitive insurance market.
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