Ministerial Decision No. 120/1999 On the Amendment of the Ministerial Decision No 69/1989 on the Licensing of Foreign Companies for the Practice of the Activities Thereof in the State
Having perused:
Federal Law No. 1/1972 concerning the Functions of Ministries and Powers of Ministers, and the amending laws thereof;
Federal Law No. 9/1984 concerning Insurance Companies and Agents;
Ministerial Decision No. 32/1984 issuing the Implementing Regulations of the Federal Law No. 9/1984 concerning Insurance Companies and Agents;
Ministerial Decision No. 23/1985 concerning the Regulations of Insurance Consultation Practice, and the amendments thereof, and
Based on the recommendation of the Acting Deputy Minister,
Has decided:
Article 1
The definition of the insurance consultant set forth in Article 1 of Ministerial Decision No. 23/1985 shall be replaced to read as follows:
"Anyone who practices the business of providing insurance consultancy and charging fees for his/their service from the clients, especially in the following matters:
1. Study of insurance requirements, assist in preparing them for his/their clients, and provide advice regarding the appropriate insurance cover.
2. Manage and assess risks.