1. Insurance transfer application shall be submitted to the Central Bank, accompanied by documents related to the transfer agreement. The transfer application shall be published in two local daily newspapers, one of which is published in Arabic, at the expense of the transfer applicant, or as per the mechanism determined by the Central Bank. Such an announcement shall refer to the right of Insured, Beneficiaries or any interested party to file any objection to the Central Bank to such transfer, within ten (10) business days from the date of the announcement, provided that the subject of their objection and the grounds thereof are determined. 2. The Central Bank shall approve the transfer of an Insurance Policy if no interested party objects thereto within the period referred to in item (1) of this article, and if the Central Bank concludes that such a transfer shall not have a negative impact on the financial situation of both the transferee and the transferor and that the interests of the Insured of both the transferee and transferor will be protected. The decision shall be published in the Official Gazette within one month from the date of its issuance, and it may be invoked vis-à-vis the Insured, the Beneficiaries and the Insurance Company’s creditors, and the assets shall be transferred to the Insurance Company to which the policies have been transferred, subject to the provisions relating to the transfer of ownership and assignment of assets; and provided that the transferred assets are exempted from the registration fees under the provisions relating to the transfer of ownership and assignment of assets. 3. If an objection is submitted within the period referred to in item (1) of this article, the transfer application shall be decided on only after an agreement is reached between the interested parties or a final resolution is rendered on such objection. Nevertheless, the Central Bank may issue a decision approving the transfer, provided that a guarantee is submitted by the Insurance Company to the Central Bank equivalent to its obligations vis-à-vis the objector, including the expenses that may be incurred for retaining any of the Insurance Company’s assets.
Interpretation and application must be checked against the official text and current version.