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92A. (a) The Insurer’s board of directors will appoint an Internal Comptroller.

(b) The Internal Comptroller will examine, among others, the legality of the Insurer’s actions, with regard to the Law and to the Commissioner’s instructions, and the integrity, efficiency, and proper business etiquette of the Insurer.

(c) Sections 3, 7 to 14, 10 (b) and (c) and 24 (c) of the Internal Control Law 1992 will apply to the Internal Comptroller, mutatis mutandis , in accordance with this Section.

(d) The Internal Comptroller will apply the appropriate professional standards, and will report his findings to the Chairperson of the Board of Directors, and the General Manger of the Insurer.

(e) The term of office of the Internal Comptroller will not end without his agreement, and he will not be suspended unless the Board of Directors has decided to suspend him.

(f) In this section, “Insurer” - any who received and Israeli Insurance Licence under Section 15 (a) (1).

93. The Commissioner will, once a year, deliver to the Council a report on the business results of Insurers and trends in the development of the Insurance economy in Israel, and on his activities.

94. The provisions of Article Three of Chapter Three and Section 35 will not apply to an Insurer being a Benefit Fund within the meaning of section 47(a) of the Income Tax Ordinance.

95. The provisions of this Law will not apply to a Health Fund, as defined in the National Health Insurance Law 994, as to any matter relating to the medical services provided by it under the said Law, including additional services rendered under Section 10 of the said Law.

96. (a) A person who engages in Insurance broking in Israel between any person and a non-resident or the Broker of the Broker of a non-resident, a person who engages in insurance broking in Israel between any person and a person who has received exemption under section 86 or the Broker of such a person, and the authorised representative of a person who has received exemption under section 86, will be treated as Insurance Brokers and the provisions of this Law relating to an Broker, including the requirement of licensing, will apply to them.

(b) The Minister of Finance may direct that the provisions of Articles One to Four of Chapter Three, Article Two of Chapter Four, Chapter Eight and sections 38 to 41, 55 to 62 and 98 will also apply, wholly or in part,  to a person to whom subsection (a) applies, as if he were an Insurer.

97. Where the Commissioner empowers a person other than a State Employee to carry out an inspection on the premises of an Insurer, he may impose the expenses of the inspection on the Insurer.

98. The Minister of Finance may make regulations as to -

(1) a fee for the issue of a licence to an Insurer;

(2) an annual fee payable by an Insurer in respect of each branch of Insurance in which such Insurer is authorised to carry on business in that year;

(3) a fee for the issue of a licence to an individual Broker or corporate Broker;

(4) an annual fee payable by an individual Broker or corporate Broker;

(5) a fee for an examination;

(6) modes and dates of payment of fees;

(7) interest and linkage differentials payable on fees not paid in time.

99. A body corporate whose instruments of association, having been submitted for registration, show that its objects include Insurance business or Insurance broking business will not be registered unless a certificate by the Commissioner attesting his consent to the registration is attached.

100. (a) No person, other than the holder of a licence under this Law, will use the word "Insurance" or any derivative thereof in the name under which he carries on business, save by virtue of a permit from the Commissioner.

(b) The Commissioner may direct. any person, after consultation with the Committee and after such person has been given an opportunity to submit his arguments to the Committee or to have them heard by it, to delete, within the time prescribed by the Commissioner, the word “Insurance” or any derivative thereof from the name under which he carries on business.

101. (a) A person empowered to issue any licence, permit or certificate under this Law may attach conditions and restrictions thereto.

(b) A licence, permit or certificate under this Law will not be transferable.

102. (a) A person who considers himself aggrieved by the decision of the Commissioner under section 25(c), 29(a), 51, 52 or 100 or an Insurer or Insurance Broker who considers himself aggrieved by a decision of the Commissioner under section 62(a) may appeal to the District Court within 45 days from receipt of notice of the decision. The appeal will be heard by a single Judge.

(b) The filing of appeal will not stay the implementation of the decision appealed against save with the consent of the Commissioner or by direction of the Court.

(c) The Minister of Justice may, by regulations, prescribe procedures for the hearing of the appeal.

103. The Commissioner may, in respect of a particular case or category of cases, extend times prescribed by this Law or by regulations thereunder, except a time prescribed in section 29(c),  81 or 102 or by regulations under section 102.

104. (a) A person who contravenes the provisions of Section 14, 32 or 33 will be liable to imprisonment for a term of three years or a fine of 100,000 shekels.

(b) A person who contravenes the provisions of Section 24, 28(b), 30, 31 or 41 or a direction issued under Section 23(b) will be liable to imprisonment for a term of two years or a fine of 50,000 shekels.

(c) An Insurer who contravenes a direction issued to him by the Commissioner, under Section 62(a), 67 or 68 will be liable to a fine of  25,000 shekels.

(d) A person knowingly makes an incorrect statement in any document or certificate submitted for the purposes of this Law or knowingly gives an incorrect answer in connection with any information requested of him under this Law will be liable to imprisonment for a term of one year or a fine of 25,000 shekels.

(e) A person who contravenes any other provision of this Law or any regulation. direction or request made or issued thereunder will be liable to imprisonment for a term of six months or a fine of 10,000 shekels.

(f) A person who acts as a director or manager although his powers have been suspended or limited or while he is suspended from office under Section 68 and a person who does not comply with a request made to him under Section 73 will be liable to imprisonment for a term of three years.

105. A person who is a director or manager of an Insurer or corporate Broker at the time when the body corporate commits an offence under this Law will be regarded as participating in the offence and may be convicted of it unless he proves, one of the following two options:

(1) that the offence was committed without his knowledge and that his position did not require him to know about it; or

(2) that on learning of the intention of the body corporate to commit the offence he forthwith informed the Commissioner of the matter.

106. A court may, following a conviction. or the imposition of an obligation, under this Law, order that a final judgment or a summary thereof, or a correction of a misleading publication, will be published in such form and manner as it may prescribe, and may direct who will bear the costs of publication. If the court directs that the accused will bear the costs of publication, the costs will be treated as a fine imposed by the court.

107. Where a copy of any newspaper or other circulating printed matter is presented which contains a misleading description, this will be prima facie evidence that publication was in fact made in that newspaper or printed matter.

108. Damage caused to a person by an offence under the provisions of Sections 55 to 59 will be treated as damage for which compensation is claimable under the Law of Torts.

109. In the case of an Insurer or Insurance Broker being a cooperative society, every reference in this Law to a Director in a Board of Directors or manager will be deemed to be a reference to an officer, or a committee, accordingly, within the meaning of the Cooperative Societies Ordinance, and every reference in this Law to share capital will be deemed to be a reference to the amount of the participation of members in the cooperative society.

110. The provisions of Chapter Five of the Execution Law 1967 will apply mutatis mutandis to a receiver appointed under this Law.

111. The Insurance Business (Control) Law 1951  is hereby repealed.

112. The Minister of Finance is charged with the implementation of this Law and may make regulations as to any matter relating to its implementation.

113. This Law will come into force on the 1st July 1981, except for Chapter Seven, which will come into force on the date of publication of this Law in Reshumot (The Official Gazette).

114. This Law will be published within thirty days from the date of its adoption by the Knesset.