Farid Al-Boustani Introduces Insurance Regulation Bill

Member of Parliament Fared Al-Boustani, along with a group of MPs, has submitted a draft law to regulate brokerage and representation activities in the insurance sector. The aim is to modernize the legislative framework of the industry, protect policyholders' rights, and structure the relationship between the relevant parties. This initiative is part of the National Economic Committee's efforts to address the legislative vacuum following the financial collapse. The move seeks to strengthen trust in the insurance sector and safeguard consumers by holding consultation sessions with all stakeholders to discuss the proposed amendments. Additionally, the legislation aims to update outdated laws that have been in place for over fifty years and to respond to the new economic conditions, thereby enhancing transparency and ensuring the rights of policyholders in the face of potential issues with insurance companies or brokers.

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