Arab Finance: The Financial Regulatory Authority (FRA) has granted insurance brokerage companies a three-month grace period to comply with recent regulatory amendments prohibiting insurance brokers from collecting premiums or any other fees from clients in cash or via transfers to their bank accounts, the FRA stated.

However, insurance brokers are obliged to collect payments via the points of sale (PoS) provided by the insurance companies or payments made by non-cash means, such as cheques issued by customers to the insurance company.

Premium payments to intermediaries’ bank accounts are also prohibited.

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