Law No. 89 “On insurance and insurance activities”.

This Law primarily addresses the legal regulation of insurance and reinsurance activities, establishing a comprehensive legislative framework to govern the insurance market. It emphasizes the importance of a stable insurance system, market regulation, and the protection of participants' rights, aligning with broader policy objectives of financial stability and consumer protection. The Law explicitly incorporates principles of civil law, international insurance practices, and provisions for Islamic insurance, aiming to create a regulated environment that supports both domestic and cross-border insurance operations. Key measures outlined include licensing requirements for insurance and reinsurance organizations, the formation and management of insurance reserves, and the regulation of insurance contracts, premiums, and coverage limits. The Law mandates the development of an automated insurance information system and a single insurance database to facilitate data collection, reporting, and oversight. It also prescribes the roles and responsibilities of various market participants, including insurers, brokers, actuaries, and auditors, with specific provisions for the registration, internal control, and financial reporting of insurance entities. Implementation strategies involve timelines for the enactment of regulations, the establishment of institutional oversight bodies, and procedures for the transfer, reorganization, and liquidation of insurance organizations, with responsibilities assigned to the authorized authority. Secondary themes include procedural aspects such as the issuance of licenses, the conduct of audits, and the management of interim administrations during financial difficulties. The Law details enforcement mechanisms, oversight measures, sanctions, and the process for stakeholder involvement, including the publication of decisions and the maintenance of official registers and online resources. Overall, the document provides a detailed legal roadmap for the regulation, supervision, and development of the insurance sector in the country, emphasizing compliance, transparency, and institutional accountability.