The Insurance Control Commission organized the first internal workshop on IFRS 17, to which local and international experts were conveyed. In the introductory presentation, the Acting Head of the ICC, Mrs. Nadine El Habbal, confirmed that the Commission intends to stage a frontline involvement in the implementation process of the new reporting standard. Mrs. El Habbal confirmed throughout the day that the ICC will propose a largely prescriptive approach with minimum requirements, and issue clear implementation guidelines to help clarify the way forward.
18 SEP 2019
ICC'S first internal workshop on IFRS 17
23 AUG 2019
ICC Second Quarter Report of 2019
The Insurance Control Commission has published its quarterly report on the insurance market for the second quarter of 2019. The report includes a number of dashboards extracted from the analysis of the quarterly regulatory forms filed by the insurance companies.
9 AUG 2019
License suspension of Liberty Insurance Company S.A.L
The Insurance Control Commission suspended the insurance license granted to Liberty Insurance SAL. The decision was driven by sustained material breaches of the insurance regulations in Lebanon. Until further notice, the Company is not allowed to issue or renew any policy contract. Nevertheless, it will continue to service the in-force portfolio and settle its obligations to policyholders.
25 JUL 2019
ICC receives the ACAL board of directors
The BOD of the ACAL met with the Insurance Control Commission in the first visit to the regulator following its election. The Acting Head of the ICC, Mrs. Nadine El Habbal, renewed its wishes for a successful mandate, and stated that the consultation process with the sector, represented by the BOD of the ACAL, will continue to bear positive fruits for all stakeholders, namely the insured persons. The discussions covered a broad range of topics and challenges of relevance to the present economic context as presented by ACAL’s president, Mr. Elie Torbey, turning the meeting into a thorough round-table discussion.