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Current as of July 2005 LEBANON Regulation On The
insurance brokers are regulated by articles 37 till 40 of the said Laws and by a
Government Decree, no 2403 of A broker must be licensed by the Ministry of Economy & Commerce and registered in the Commercial Register. QualificationsThe insurance broker must have a university degree (law, political studies, management, economics, accounting and business administration) with three years of experience, Or must have completed two years of university studies (related to degree mentioned above) and five years of experience. Or high school diploma (baccalaureate) or technical diploma (in commerce or accounting or business administration) or equivalent with ten years of experience. The insurance broker must be exclusively in the insurance and / or the reinsurance field. Professional indemnityUnder study. Financial guarantees An independent broker must provide a financial guarantee of 25 000 000 L.L An agent of an insurance companies or an agent of a broker must provide 5 000 000 L.L. Code of conductAt this moment, there is no code of conduct but the syndicate is studying the possibility of defining such a code. Legal provisions regarding foreign intermediaries (provision of services / establishment) The
foreign brokers working in By-Laws: under study LEBANON
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