About the Authority:

Legislative Decree No. 68 of 2004, which established the Insurance Supervisory Authority, was a crucial step in preparing and developing the national insurance market and setting its regulatory framework. One of the most important tasks undertaken by the Insurance Supervisory Authority was to meet the necessary requirements for the market's launch by defining the general regulations for the establishment of insurance companies and all other entities engaged in activities supporting or related to insurance operations, as well as regulating the most prominent aspects necessitated by this stage.

The Authority has conducted an objective and continuous review of legislation and regulations to ensure their adequacy and suitability in light of practical application and market developments. This review builds upon the latest supporting texts adopted by similar supervisory bodies and focuses on the supervisory requirements and rules adopted by the International Association of Insurance Supervisors (IAIS), adapting them to our specific context and the requirements associated with the market's trajectory and initial development.

Within this framework, a series of fundamental regulations were approved following the issuance of Legislative Decree No. 43 of 2005, which outlined the basic features for regulating the insurance sector. These regulations are:

Executive Instructions for Decree No. 43.

Regulation of the Insurance Agent Profession and the Insurance Broker Profession.

Regulation of Third-Party Administrators (TPAs).

Regulation of Examiners and Insurance Consultants. Regulation of Loss Adjusters, Accident Experts, and Damage Estimators.

Regulation of Actuaries and the Requirements for Actuarial Work in the Syrian Insurance Market.

Reinsurance Standards.

The principles governing the formation of technical reserves in Syrian insurance companies.

The Anti-Money Laundering System.

The establishment of the Syrian Federation of Insurance Companies and the approval of its bylaws.

The System for Certified Public Accountants approved by the Authority.

The Investment System in Insurance Companies.

The System for the Fund for Victims of Traffic Accidents Resulting from Unknown Mechanisms.

The Corporate Governance System.

The Board of Directors of the Supervisory Authority also approved a large number of decisions addressing matters related to the Authority's pronouncements. Most of these decisions were crucial for the proper implementation and activation of legislation and regulations.

The Board of Directors of the Insurance Supervisory Authority licensed a number of insurance companies that commenced operations, requiring significant effort, swift response, and meticulous follow-up.

The Authority also licensed several health insurance expense management companies after their operations were aligned with the provisions and regulations issued by the Authority. Furthermore, in accordance with the regulations established by the Authority, hundreds of applications were received from individuals seeking licenses to become insurance agents, brokers, loss adjusters, and other supporting insurance functions.