The Insurance Control Commission (ICC) is entrusted in monitoring and regulating the insurance sector to protect policyholders from unfair market practices. The ICC is responsible for monitoring, testing, and enforcing solvency requirements for insurance companies that are licensed to operate, and is vested with some powers of intervention over these companies.
Among its duties, the Commission:
- Monitors insurance companies for the benefit of the public in terms of their compliance with the laws and regulations especially the implementation of the law regulating insurance companies in Lebanon;
- Monitors the legal and financial situation of insurance companies operating in Lebanon to ensure their compliance with the conditions on which their license was granted;
- Audits and controls financial transactions, statements, and documents of insurance companies and prepare related reports;
- Conducts on-site visits to insurance companies and brokers based on a schedule set by the head of the ICC;
- Recommends the appropriate actions to be taken against insurance companies that are in violation of the rules and regulations or those that are financially insolvent, and follows up closely on their situation;
- Submits recommendations and gives opinions on technical and legal matters that might have an impact on the insurance companies;
- Collects data and statistics related to the sector and submit recommendations;
- Participates in committees and conferences on insurance control and supervision;
- Reviews technical issues and revise the sector's regulatory and organizational framework (e.g., mergers, liquidation, etc.);
- Follows-up on legal and technical developments that relate to the insurance sector;
- Follows-up on the release of guarantees to insurance companies who have suspended operations in Lebanon;
- Preparesschedules of insurance fees and follows-up on the collection of fees in cooperaton with the Directorate general of Finance.
The structure of the ICC is as follows:
1. Presidency of the Committee is composed of the head of ICC, IT section, secretariat, and the registry;
2. Financial control section;
3. Legal control section;
4. Administrative affairs section.