Insurance Law

Insurance Law

• 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.

Insurance Courts Law

• Establishes civil courts of first instance and appeal in each of the Syrian provinces with the exclusive jurisdiction to adjudicate on insurance-related disputes.

• This Law was enacted against the backdrop of internal conflict in Syria presumably in order to deal with matters of substantial insurance policy disputes that arose during the ongoing unrest.