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The Insurance Control Act 2001

The Insurance (Supervision and Control) Act, 1992 was repealed following the promulgation of the Insurance Control Act 2001. However, the new law provided that all the regulation made under the repealed law shall remain in force, until repealed or amended.

 

Objectives of the Corporation:

 

1.          Supervise, control and organize all insurance business.

 

2.          Tender advice to the Minister on the following:

 

           I.        Laying down the general policy relating to the implementation of the provisions of this Act.

         II.        Matters relating to insurance and insurance business.

 

3.          Strive to render the best services, and promote the same in accordance with the principle of cost recovery at least.

 

4.          Contribute to increase of national income and enhance the services it render.

 

5.          Any other objectives as the nature of the actuary of the Corporation may require.

Functions and Powers of the Corporation:

1.   Supervise and control companies.

 

2.   Recommend to the Minister of Finance, about specifying the number of companies working in the country.

 

3.   License the Companies in accordance with the conditions set out in the  Act.

 

4.   Submit a report to the Minister of Finance on all matters relating to insurance and reinsurance companies, supply him with the necessary data required by him.

 

5.   Establish branches or offices thereof, in any place inside the Sudan, where the nature of the work requires the same, after obtaining the approval of the Minister of Finance.

 

6.   Employ the employees in accordance with the provisions of the Act, to carry out its tasks.

 

7.   Raise the competence of the employees through qualifying and training inside and outside the Sudan.

 

8.   Appoint a liquidator or approve his appointment from inside or outside the Corporation, to conduct the liquidation of any Company, as the Corporation may decide, or approve its liquidation.

 

9.   Acquire real estate, movables, and land, purchase, sell, construct buildings thereon, maintain the same and set up all facilities for achieving its objectives, provided that the same shall be upon approval of the Minister of Finance.

 

10.                Conclude contracts and agreements.

 

11.                Borrow funds.

 

12.                Tender technical and administrative advice and consultancy to companies faced with technical and administrative problems and issue the necessary instructions to preserving the interests of insurance policies holders.

 

13.                 Establish any type of funds or take any procedure or arrangement, as insurance work nature may require, or subsidize and protect the Insurance Industry in the Sudan, after obtaining approval of the Minister of Finance.

 

14.                Obligate the Companies to subscribe to disseminate insurance awareness among citizens and strive to promote the projects of minimizing risks.

 

15.                Carry out all the disposals and business, which lead to achieve its objectives in accordance with the provisions of the Act.

 

 

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