Transfer of Insurance Policies

Article (53)	A-	The Company may transfer the insurance policies it issued, including the rights and obligations related to any of the classes of insurance transacted thereby, to a Company or several companies transacting the same class.
	B-	1.	The request for the transfer shall be submitted to the Director General with the policies and documents related to the transfer agreement attached thereto, for preliminary approval.
		2.	The Director General shall publish the request for the transfer, in two daily local newspapers, to be published twice consecutively, the cost for which shall be borne by the applicant, provided that there is a reference to the right of the policyholders and beneficiaries, or any interested party to submit thereto an objection to such a transfer within a period of fifteen days from the date the request for the transfer was first published expressing the subject of the objection and the reasons relied upon.
	C-	The Director General shall finalize the legal procedures to transfer the insurance policies, including the rights and obligations therein, after all the objections submitted thereto are determined.

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