{"id":234,"date":"2015-01-28T19:56:40","date_gmt":"2015-01-28T17:56:40","guid":{"rendered":"http:\/\/syrianlawjournal.com\/wordpress\/?page_id=234"},"modified":"2020-01-14T16:06:45","modified_gmt":"2020-01-14T14:06:45","slug":"insurance-law","status":"publish","type":"page","link":"https:\/\/www.syria.law\/index.php\/legislation\/insurance-law\/","title":{"rendered":"Insurance Law"},"content":{"rendered":"\n\n\n\n\n\n\n\n
LAW<\/td>\n\n

Insurance Law<\/h4>\n<\/td>\n<\/tr>\n

REFERENCE<\/td>\nLegislative Decree 43\/2005<\/strong><\/td>\n<\/tr>\n
DATE OF PROMULGATION<\/td>\nPromulgated by President Bashar Al-Assad on May 6, 2005<\/td>\n<\/tr>\n
RELEVANT PROVISIONS<\/td>\n\n
    \n
  • Private insurance and reinsurance companies are incorporated as joint stock companies.<\/li>\n
  • No ceilings are in place on the level of foreign participation in Syrian insurance and reinsurance companies.<\/li>\n
  • The minimum capital requirements range from SYP 700 million to SYP 1.2 billion depending on the type of insurance policies involved.<\/li>\n
  • The Prime Minister has the authority whether to approve or reject applications for insurance companies.<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
RELATED LEGISLATION<\/td>\n\n
    \n
  • Legislative Decree 43\/2005 repeals Law 195\/1959, which extended considerable state control over insurance companies.<\/li>\n
  • 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.<\/li>\n
  • In accordance with Legislative Decree 68\/2004, the insurance sector falls under the authority of the Syrian Insurance Supervisory Commission.<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
HISTORICAL CONTEXT<\/td>\n\n
    \n
  • 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.<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
    \n\n\n\n\n\n\n\n\n
    LAW<\/td>\n\n

    Insurance Courts Law<\/h4>\n<\/td>\n<\/tr>\n

    REFERENCE<\/td>\nLaw 5\/2017<\/strong><\/td>\n<\/tr>\n
    DATE OF PROMULGATION<\/td>\nApproved by the People\u2019s Assembly on February 6, 2017
    \nPromulgated by President Bashar Al-Assad on February 9, 2017<\/td>\n<\/tr>\n
    RELEVANT PROVISIONS<\/td>\n\n
      \n
    • Establishes civil courts of first instance and appeal in each of the Syrian provinces with the exclusive jurisdiction to adjudicate on insurance-related disputes.<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
    RELATED LEGISLATION<\/td>\n<\/td>\n<\/tr>\n
    HISTORICAL CONTEXT<\/td>\n\n
      \n
    • 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.<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

      LAW Insurance Law REFERENCE Legislative Decree 43\/2005 DATE OF PROMULGATION Promulgated by President Bashar Al-Assad on May 6, 2005 RELEVANT PROVISIONS Private insurance and reinsurance companies are incorporated as joint stock companies. No ceilings...<\/p>\n","protected":false},"author":2,"featured_media":0,"parent":107,"menu_order":11,"comment_status":"closed","ping_status":"closed","template":"page-templates\/child-menu.php","meta":{"footnotes":""},"class_list":["post-234","page","type-page","status-publish","hentry"],"yoast_head":"\r\nInsurance Law | SYRIA.LAW<\/title>\r\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\r\n<link rel=\"canonical\" href=\"https:\/\/www.syria.law\/index.php\/legislation\/insurance-law\/\" \/>\r\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"1 minute\" \/>\r\n<script type=\"application\/ld+json\" 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