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13. Insurance business will be classified according to branches of insurance determined by the Minister of Finance. Notice of any such determination will be published in Reshumot (the Official Gazette).

Classification according to branches

14. (a) A person will not carry on insurance business unless he holds a license under Section 15 and acts in accordance with the conditions of the license.

Prohibition of business

(b) An insurer will not carry on business except in the branches of insurance specified in his license.

(c) An insurer who carries on insurance business mainly outside of Israel and carries on only reinsurance business in Israel will, for the purpose of this Law, not be regarded as carrying on insurance business unless such insurer is a company incorporated in Israel.

15. (a) The Commissioner may, at his discretion issue -

(1) to a company as defined in the Companies Law - an Israeli insurers license;

(2) to a foreign body corporate registered in Israel which carries on insurance business in a foreign state and is subject to the control of the authorities of the foreign State - a foreign insurers license.

(a1)  The commissioner will not issue an insurers license to a company requesting to manage a stipend provident fund which is not an insurance fund unless, in addition to the conditions  prescribed in Subsection (a)(1), the conditions prescribed in Section 4(a)(1) are also met, as well as the following conditions:

(1)  Its sole business is the management of stipend provident funds which are not insurance funds, however -

(a)  it is not licenseted to hold means of control of an insurer which has been licensed as prescribed in this Subsection;

(b)  it is licenseted to hold means of control of a managing company which is no an insurer as prescribed in Subsection (a) or in an agent of a body corporate which holds a license to act in the branches of insurance approved by the commissioner, subject to the approved conditions, and provided that it holds means of full control in them.

(2)  With regard to the company requesting  to manage a mature fund - it may manage only a mature fund, and with regard to a company requesting to manage another stipend provident find - it may not manage more than one fund which is entitled to "Arad" type designated bond; for this purpose ""Arad" type designated bond" - a non-negotiable bond issued by the State of Israel to stipend provident funds only, in accordance with the Government Loans Ordinance ("Arad" type series) - 1995.

Insurer's license (Amended 2005)

(b) An insurers license will designate the branches of insurance in which the holder of the license is authorized to carry on business.

(c) Notice of the issue of an insurers license and of the branches in which the insurer is authorized to carry on business will be published in Reshumot (the Official Gazette).

(d)  The Minister may prescribe instructions for the purpose of sole business as aforesaid in Subsection (1)(1a)

16. (a) An application for an insurer's license will be submitted in the form prescribed by the Commissioner and will contain the following data:

(1) The branches of insurance for which the license is requested;

(2) Details of the proposed insurance schemes and terms of insurance;

(3) Details of the proposed scales of insurance premium and the other payments to be collected from the insureds;

(4) Specimens of policies, of insurance proposal forms, and of other forms to be used by the applicant;

(5) Particulars of the proposed reinsurance arrangements;

(6) A certified copy of the valid incorporation documents;

(7) A list of the officers:

(8) A list of the holders of the means of control, including, in the case of bodies corporate: officers and holders of the means of control thereof, and in the case of individuals: the persons for whom they act as agents or trustees:

(9) Particulars as to the financial means of the applicant.

(b) An application for a foreign insurer's license will. in addition to the data referred to in Subsection (a). contain the data referred to in paragraphs (6) to (8) in respect of the incorporated entity which is to represent the foreign insurer in Israel.

(c) The Commissioner may request further data and documents from the applicant, as he may deem necessary for dealing with the application.

Application for license

17. In dealing with an application for an insurer's license, the Commissioner will take the following into account:

(1) The applicants business plans and its prospects of achieving them;

(2) The suitability of the officers of the applicant incorporated entity or, in the case of a foreign insurer, of its managers and representatives in Israel for their functions;

(3) The financial means of the applicant incorporated entity;

(4) The financial means and business background of the holders of the means of control of the applicant incorporated entity;

(5) The applicant's plans for reinsurance and for a team of professional workers and his prospects of implementing them;

(6) The contribution which the grant of the license will make to competition in the financial market, and especially to competition in the insurance market and the standard of service in it;

(7) The economic policy of the Government;

(8) Considerations of  public policy.

(b)  The Commissioner will not refuse to give an insurer license to a body corporate in which the conditions detailed in Section 15 are met, except after consultation with the Committee and after the body corporate has been provided the opportunity to bring its arguments before the committee in a manner which it determines.

Consideration in granting a license (Amended 2005)

18. An insurer's license may prescribe conditions and limitations, and it will be lawful to alter such conditions and limitations and to add further branches of insurance in which the holder of the license will be authorized to carry on business, and provided that the aforesaid altered conditions and limitations, not in accordance with the insurer's request, are carried out in consultation with the Committee and after the insurer is provided the opportunity to bring its arguments before the Committee in a manner which it determines.

Terms of license and amendments

(Amended 2005)

19. (Cancelled)

Duty of making deposit (Cancelled 2005)

20.  (Cancelled)

Deposit and it's yields (Cancelled 2005)

21.   (Cancelled)

Use of deposit (Cancelled 2005)

22. (a) The Commissioner may cancel an insurer's license, wholly or in respect of a particular branch of insurance, in any of the following cases:

(1) The insurer has applied for the cancellation of the license;

(2) The insurer has resolved on its voluntary winding-up;

(3) An order has been made for the winding-up of the insurer or for the appointment of a receiver for it;

(3a)  The insurer has ceased to meet a condition of the conditions for granting of the license.

(4) The insurer has infringed a material condition of the license or ceased to meet aforesaid condition;

(5) The insurer has infringed the provisions of any enactment or administrative instructions given in accordance with this law in a manner which may impair the insurer's credibility;

(6) Two years have elapsed from the date of issue of the license and the insurer has not begun to conduct business to an extent which, in the opinion of the Commissioner, justifies the insurer's continued holding of the license, or the insurer has discontinued conducting business to an extent as aforesaid for a period of two years;

(7) The cancellation of the license is justified in the interest of the insureds public.

Cancellation of insurer's license (Amended 2005)

(b) The Commissioner will not cancel an insurer's license for the reasons listed in Subsection (4)(a), (5) or (7) except after consultation with the Committee and after the insurer has been given a reasonable opportunity to submit its arguments to the Committee in a manner determined by it.

(c) Notice of the cancellation of an insurer's license will be published in Reshumot (the Official Gazette).

23. (a) A person whose license has been canceled will comply with all the provisions applying to an insurer under this law as long as liabilities exist which such person incurred towards insured persons before the cancellation of the license.

Control of incorporated entity whose license has been canceled

(b) The Commissioner may issue to a person whose license has been canceled directions as to the management of his business as far as the Commissioner deems it necessary to do so in order to protect insureds. A direction as aforesaid will not release the insurer whose license has been canceled from a liability incurred before the cancellation of his license.

24. (a) A person will not, himself or through another, engage in broking of insured in Israel between any person and an insurer (hereinafter: "agency") unless he is one of the persons listed in the following Sections (1) or (2), and in accordance with the provisions detailed therein:

(1) he holds a license in accordance with this Article - according to the terms of the license;

(2) he is a pension consultant - provided that the conducting of agency is carried out as part of the pension consultancy and as an extension thereof, in accordance with the pension consultancy agreement and the prescriptions of the Pension Consulting and Marketing Law.

(b) Conducting of agency by a pension consultant, as aforesaid in Subsection (2)(a), will be subject, mutatis mutandi, to the provisions of this law and to the provisions of the Insurance Contract Law - 1981 (hereinafter in this Subsection: "Insurance Contract Law") applicable to an insurance agent and to conducting of agency for insurance, unless otherwise provided by any law, however -

(1)  the provisions of Section 33(a) of the Insurance Contract Law will not apply to the conducting of agency by a pension consultant;

(2)  the provisions of this law pertaining to the insurer's duties due to negotiations of an insurance agent prior to his entering into an insurance contract and for the purpose of entering into an insurance contract will not apply to the conducting of agency by a pension consultant;

(3)  a pension consultant will not be entitled to a commission fee as defined in Section 41(e), unless from a client or an insurer who been given a license in accordance with the provisions of Section15(a1);

In this Subsection -

"pension consultancy agreement" - as in its meaning in Section 27 of the Pension Consulting and Marketing Law.

"client" - as its definition in the Pension Consulting and Marketing Law.

Insurance broking (Amended: 2005)

25.(a) The Commissioner may issue an insurance agent's license (hereinafter "agent's license") to an individual.

(b) An individual is qualified to receive an agent's license if he meets the following requirements: -

(1) he is domiciled in Israel;

(2) he is an adult;

(3) he has undergone a period of internship and passed the examinations.

(4) he has not been convicted of an offence which in the opinion of the Commissioner, because of its nature, severity or circumstances, he is not entitled to serve as an insurance agent.

(c) The Commissioner will not issue an agent's license to an individual although he is qualified -

(1) if he has been declared bankrupt and has not yet been given a discharge;

(2)  if he has been declared incapacitated;

(3)  if he is an investment consultant;

(4)  if he is a pension consultant

(c1)  The Chief Commissioner may refuse to issue an agent's license to an individual, even if the conditions of Subsection (b) apply to him, if one of the following apply to him:

(1)  charges have been brought against him with respect to an offence as mentioned in Section (b)(4) and a final verdict has not been given in his matter, or a criminal investigation is being conducted against him for suspicion if such aforesaid offence, and provided that the applicant has been given the opportunity to make his arguments prior to giving the decision;

(2)  the Commissioner is of the opinion, after consultation with the committee and after the applicant has been provided the opportunity to make his arguments before it, as instructed, that circumstances exist which due to them he is unfit to act as an insurance agent, having taken the demands of the profession into account.

 (d) The Minister of Finance may enact regulations concerning the training, internship period and examinations of insurance agents, the giving of security for their liabilities and, with the approval of the Finance Committee of the Knesset, their exemption from the duty of internship service or of examinations.

(e)  The Commissioner's decision not to grant an agents license to a body corporate even if the conditions in Subsection (b) are met, excepting the aforesaid decision in accordance with Subsection (c) or Section 28A, will be reached.

Individual agent (Amended: 2002, 2005)

26. (a) The Commissioner may grant an agents license to a body corporate.

(b) An application for a license for a body corporate may be submitted by a body corporate which meets the following requirements:

(1) it is a body corporate registered under the laws of Israel:

(2) its name indicates that its business is that of an insurance agent;

(3) the persons engaged in broking in its name and, in the case of a partnership, all the non-limited partners are holders of agents' licenses:

(4) its manager and every one of its office managers and branch managers are holders of agents' licenses and their main occupation is the management of the  incorporated entity, the office or the branch.

(c) The Commissioner will not grant an agents license to a body corporate, despite its suitability, if it is an investment consultant or financial consultant.

(d)  When granting an agents license to a body corporate the Commission will consider, inter alia, the contribution of granting such license to competition in the insurance market and its level of service therein.

(e)  The decision of the Commissioner not to grant an agents license to a body corporate even if the conditions listed in Subsection (b) exist, except a decision given in accordance with the aforesaid in Subsection (c)  or Section 28A, will be given following consultation with the committee and after the applicant has been provided with the opportunity to argue its arguments before the committee and in a manner ordered by it.

Incorporate agent

(Amended 2005)

27. (a) The Commissioner may, at his discretion, grant to an domiciled Israeli who has completed his eighteenth year, an insurance trainee's license for a period not exceeding three years. The provisions of Section 25(c) and (c1) will apply to the grant of a trainee agent's license.

(b) A person who has received a trainee agent's license may perform an act of broking if his instructor has approved the act in advance.

(c) The provisions of Sections 28, 29, 55 to 59, 85(c) and 99 will apply also to a trainee agent.

Trainee agent (Amended 2005)

28. (a)(1)  An insurance agents license is a license to conduct business in one of the following insurance businesses:  pension insurance, marine insurance or Geneva insurance, and an insurance agent license  may apply to more than one branch.

(2)  An insurance agents license for general insurance will list the areas of insurance of the areas in the field of general insurance in which the insurance agent may conduct business.

(3)  In this Section -

"pension insurance branch" - conducting of insurance agency for a type of a pension product; in this matter "type of pension product" - as defined in the Pension Consulting and Marketing Law, with the following amendment: Section (8) of the aforesaid definition shall be read as if instead of ending from the words "and that is included in the pension fund", shall read "and also a life insurance program with a savings component that has not been approved as a pension fund and an insurance program insuring accident risk, illness or disability;

"maritime insurance branch" - conducting of maritime insurance agency;

"general insurance branch" - conducting of insurance agency in one of the following:

(1)  insurance which is not included in the branch of pension insurance or maritime insurance;

(2)  insurance of accident risk, illness or disability.

(b) An insurance agent will not carry on business other than broking in the branches of insurance specified in his license.

Licensing by business

(Amended 2005)

28A.  the Commissioner will not grant an insurance agent license in the branch of pension insurance as defined in Section 28(a) to an individual or body corporate who is one of the following:

(1) a pension consultant;

(2)  an investment consultant;

(3)  a workers union or employers union;

(4) a banking corporation, except a bank or a foreign bank as aforesaid in Section 27I of the Banking (Licensing Law) - 1981;

(5)  whoever controls one of the aforesaid listed in paragraph (1) through (4);

(6)  whoever holds more than ten percent of a type of  means of control of a pension consult or investment consultant;

(7) whoever is subject to control by any of the aforesaid listed in (1) through (6);

(8) whoever is employed by any of the aforesaid listed in paragraphs (1) through (7);

(9) whoever of the aforesaid listed in paragraphs (1) through (3) or whoever controls one of them, is a shareholder in it, including whoever's shareholder is a banking corporation, even if the banking corporation is a pension consultant or an investment consultant;

(10)  a consumer association; for the purpose of this Section "a consumer association" - a body corporate, association or organization whose purpose is conducting of negotiations on behalf of its members for contracting with a supplier of a product or service.

Stipulations to granting of insurance agency licensing in the pension insurance branch

(Amended 2005)

29. (a) The Commissioner may cancel an agent's license, wholly or in respect of a particular branch of insurance, suspend it for a period to be determined, condition it or change a condition of its conditions, in any of the following cases:

(1) the holder of the license has applied for the cancellation of his license;

(2) where the holder of the license is a body corporate, an order has been made for its winding-up or for the appointment of a receiver for it, or it has resolved on its voluntary winding-up, and where the holder of the license is an individual, a receivership order or order of adjudication of bankruptcy has been made against him but he has not been discharged or declared incompetent;

(3) the holder of the license has breached a material condition of the license;

(4) the holder of the license has infringed the provisions of any enactment or administrative instruction according to this Law in a manner impairing its or his credibility or professionalism;

(5) the holder of the license has breached an agreement referred to in Section 30 with respect to matters prescribed in the aforesaid Section or in accordance with it;

(6) he has been convicted of an offence which in the opinion of the Commissioner, due to it's nature, seriousness or circumstances he is unfit to serve as an insurance agent or an indictment has been served him for such offence and no final ruling has been handed down in the matter;

(7) the Commissioner is of the opinion that circumstances which render him unfit to serve as an insurance agent, in light of the requirements of the profession.

(b) A agent's license will not be canceled unless the agent has been given a reasonable opportunity to voice its or his arguments; for the purpose of cancellation of license according to paragraphs (4) and (7) - after consultation with the Committee and after the agent has been given the opportunity to argue its arguments before it, as instructed to do.

(c) Where the Commissioner is of the opinion that the circumstances of the case and the interests of the public so require, he may suspend an agent's license for a period not exceeding thirty days. The Commissioner may, after the agent has been given a reasonable opportunity to voice its or his arguments, extend the period of suspension by an additional period not exceeding thirty days.

(d) Where an agent's license is canceled or suspended. its holder will forthwith cease to engage in broking.

(e)  The Commissioner may, if it deems it so necessary to ensure the interests of the insureds, instruct an agent whose license has been cancelled to act to liquidate its insurance business in a manner which it instructs.

Cancellation and Suspension of agent's license or Imposing Conditions therein (Amended 2005)

30. A agent will not act as an agent between any person and an insurer unless a written agreement exists between such agent and the insurer, the conditions of which include an undertaking by the agent -

(1) to hold moneys collected from insured persons in a separate account which will be managed by a trustee of the insurer as instructed by the Commissioner;

(2) to transfer to the insurer by the 15^th of every month, or by an earlier date instructed by the Commissioner with regard to types of insurance contracts as instructed, moneys collected from insured persons in the preceding month.

Agreement between agent and insurer (Amended 2005)

31(a) A person will not carry on broking in Israel between any person not being an insurer, and a foreign resident, or the agent of a foreign resident, which do not hold a license under this Law.

(b) The provision of Subsection (a) will not apply to broking in branches of insurance or classes of insurance specified by the Minister of Finance in a decree after consultations with the Committee. The provisions of Section 96 will apply to a person carrying on broking as aforesaid.

Broking with foreign residents

31A. In this Article -

"designated bond" - each of these:

(1)  Bond issued by the State of Israel in accordance with the Loan Law (Insurance Companies) - 1962;

(2)  bond guaranteed by the State of Israel issued in the framework of linked life insurance;

"life insurance" as defined in Section 54(f);

"substantial holding in the field of long term savings" - control of a market segment which exceeds fifteen percent of the total value of all long term savings assets; for this purpose a market segment controlled by a single person will be calculated as the total value of long term savings assets managed by the person and by all of the institutional entities controlled by the person, and with respect to control together with others, the entire value of aforesaid assets will be attributed to each and every one of the controllers separately;

"insurer" - including a body corporate for which the two following are applicable:

(1)  it holds more than fifty percent of a certain type of means of control in a certain insurer;

(2)  more than ten percent of all of its assets are means of control in an insurer or insurance agent;

"long term savings assets" - assets as follows:

(1)  Assets of a provident fund, including old funds and centralized provident funds;

(2)  assets held by insurers for coverage of yield dependant obligo in life insurance;

(3)  assets held by insurers for coverage of their obligo according to life insurance plan which provides insured guaranteed yield, and which the insurer is not entitled due to the monies deposited in them, or due to part of them, for designated bonds.

"corporate agent" - includes pension consultant which is a body corporate, employed in agency in accordance with Section 24(a)(2).

Control and Holding Means of Control (Amended 2005)

32(a)  No person will hold more than five percent of a certain type of control mechanism in an insurer, unless in accordance with a special license granted by the Commissioner.

(b)  No person will hold control in an insurer or corporate agent unless in accordance with a license granted by the Commissioner.

(b1)  Granting of a license in accordance with this Section will take into consideration the considerations specified in Section 17, mutatis mutandis, including suitability of the applicant, to control or hold controlling mechanisms as required, including his business experience, profession and other businesses, financial stability, credibility, as well as the possible repercussions of granting the license for control, existing or future, in an insurer or corporate agent; whether the applicant is a cooperative association will not be a consideration in the framework of the considerations according to this Subsection.

(b2)  A license will not be granted to control an insurer if after granting of the license the applicant has a license for a substantial holding in the field of long term savings.

(c) A license granted under this Section is also effective in respect of any incorporated entity controlled by the holder of the license.

(c1) No person will hold a substantial holding in the field of long term savings except due to one of the following:

(1)  a change in the market value of long term savings assets managed by a person or institutional entity;

(2)  a change in the total value of long term savings assets;

(3)  joining of insureds, or members as defined in the Law of Supervision of Retirement Funds, to a life insurance plan or retirement fund in a manner which increases the long term savings assets managed by it or by institutional entities controlled by it, including joining as aforesaid as a result of contracting with another institutional entity or merging with it;

(d) The provisions of Subsections (a) and (b) will not apply -

(1) to a person who has acquired means of control through a transfer in accordance with the law:

(2) to a body corporate which has acquired means of control from a person controlling the said incorporated entity.

(e) (Cancelled)

(f)  The provisions of this Section will not apply to means of control of a body corporate which is a foreign insurer unless the holder of the means of control is domiciled in Israel.

(g)  The provisions of this Section  will also apply to the holding of means of control in an insurer as guarantee for debt, except such means of control intended in good faith to serve as guarantee of debt by a banking corporation and which the amount in the securities account of no customer exceeds 0.001% in the type of means of control.

Control and Holding Means of Control in an insurer or Corporate agent (Amended 2005)

33. A holder of means of control of an incorporated insurer or an incorporated agent will not transfer them to another knowing that the other requires a license under Section 32 and does not possess one.

Transfer of Means of Control

(Amended 2005)

33.A(a)   The Commissioner may cancel or change a license granted in accordance with Section 32, after consultation with the Committee, if he has a reasonable basis to assume one of the following:

(1)  The license holder has ceased to comply with a material condition of the conditions of the license, or has breached a condition as aforesaid;

(2)  The license holder has a substantial holding in the field of long term savings, other than the reasons listed in Section 32(c1);

(3)  The license holder or an officer thereof has been convicted of a felony, the severity, essence or circumstances of which justify the cancellation or change of the license;

(4)  With respect to a license holder which is a body corporate - a liquidation order has been given or a receiver has been appointed to its assets or a substantial part of them due to non-payment of debt, and with respect to a single person - a receivership order in bankruptcy proceedings or he has been declared legally incapacitated;

(5)  There is a real concern of compromising the stability of the insurer  or concern of compromising the public good if the license is not cancelled or changed.

Cancellation of a license or Change Thereof

(Amended 2005)

34.(a) Where a person has acquired means of control of an incorporated insurer in contravention of the provisions of Section 32 or through a transfer in accordance with the law, the court may, on the request of the Commissioner, appoint a receiver for the sale of the whole or part of the means of control.

(b)  The Commissioner will not change or cancel a license as aforementioned in Subsection (d) unless the license holder has been given the opportunity to present its arguments before the Committee, in a manner instructed by it, and to amend the breach within the time period to be determined by the Commissioner, and which shall be no less than 30 days.

(c)(1)  If an indictment has been filed against a license holder or an officer thereof, for a felony which, due to its severity, its essence or circumstances, in the opinion of the Commissioner, a conviction thereof would justify cancellation of the license or the change thereof, the Commissioner may, after consulting with the Committee, and after the license holder was granted the opportunity to bring his arguments before the Committee, in a manner instructed by it, alter the license and set therein provisions and conditions which may apply in a period to be determined, and if an indictment has been filed, as aforesaid, against an officer of a license holder - to remove the officer from office as well.

(2)  The provisions of Paragraph (1) will also apply when a criminal investigation against a license holder or an officer thereof of a felony as aforesaid in the said paragraph, provided that the Commissioner has consulted with the Attorney General;

Sale of Means of Control

34.(a)  If the Commissioner was of the opinion that a person acted without license as aforementioned in Section 32, he may, upon consulting the Committee, and after the said person has been given the opportunity to present his arguments before the Committee, in a manner set by it, to instruct -

(1)  on the sale of the means of control held by the said person, in whole or in part, within a time period to be determined, so that he will hold no means of control of any kind, above the rate allowed to hold without license in accordance with Section 32;

(2)  that no voting rights or rights to appoint directors originating from the means of control will be employed by that person without license in accordance with Section 32;

(3)  that voting based on means of control held by that person without a license under Section 32 will not be counted as a vote in that vote;

(4)  that the appointment of a director brought about by the said person will be cancelled.

(b)  If a person holds means of control in an insurer or an insurance corporate agent   as a result of legal transfer, in a rate which requires a license in accordance with the provisions of Section 32, the Commissioner may, after giving the license holder an opportunity to present his arguments, instruct him to sell the said means of control, in whole or in part, within a period to be determined, so that he will not be in possession of means of control of any kind which exceeds the rate of holding without license in accordance with the provisions of Section 32.

(c)  If the Commissioner has instructed, in accordance with the provisions of Subsection (b), to sell means of control, he may instruct as aforesaid in Subsection (a)(2) through (4), mutatis mutandi.

(d)  If the holder did not sell the means of control according to the Commissioner's instructions in accordance with Subsections (a) or (b), the District Court may, at the request  of the Commissioner, appoint a liquidator for the purpose of the aforesaid means of control.

(e)  An insurer and an insurance agent will act to the best of their ability to prevent a person from acting in the capacity of means of control held contrary to the provisions of Subsection (b) and Section 32.

Instructions by the Commissioner to a Person Who Acted Without license

(Amended 2005)

34A.(a)  The holder of more than five percent of a certain means of control of an insurer or a corporate agent will provide the insurer or the body corporate, as the case may be, on 1^st April of every year, and on other occasions to be determined by the Commissioner, a report on the mans of control held by him and other details to be determined by the Commissioner, including:

(1)  For the purpose of a holder who is a body corporate - the holders of control and those who are in possession of five percent or more of a certain type of means of control thereof;

(2)  Whoever acts as an agent or a trustee thereof.

(b)  The Commissioner may determine that the holder of means of control to whom the duty to report according to this Section applies will also submit the report directly to the Commissioner.

(c)  The provisions of this Section will also apply to a person holding means of control of an insurer or a corporate agent as collateral for an obligation, except where the holder is a banking corporation.

(d)  In this Section, "an insurer", as defined in Section 1.

Reporting Means of Control

(Added 2005)