||Legislative Decree 43/2005
|DATE OF PROMULGATION
||Promulgated by President Bashar Al-Assad on May 6, 2005
- Private insurance and reinsurance companies are incorporated as joint stock companies.
- No ceilings are in place on the level of foreign participation in Syrian insurance and reinsurance companies.
- The minimum capital requirements range from SYP 700 million to SYP 1.2 billion depending on the type of insurance policies involved.
- The Prime Minister has the authority whether to approve or reject applications for insurance companies.
- Legislative Decree 43/2005 repeals Law 195/1959, which extended considerable state control over insurance companies.
- This law reverses the effects of Law 117/1961 passed during the Nasser era and Legislative Decree 37/1963 enacted by the Baath Party, which nationalized the private insurance companies at the time in a bid to facilitate socialist policies.
- In accordance with Legislative Decree 68/2004, the insurance sector falls under the authority of the Syrian Insurance Supervisory Commission.
- This law was enacted during the time Syria began to gradually liberalize its economy but not before plans for a social market economy were officially announced.