The main provisions of the new law regulating the sector

Enactment of a new bill regulating the insurance business whose main provisions are:

• The setting of 10 million LYD (7.7 million USD) as the minimum capital for the creation of an insurance company, and 30 million LYD (23 million USD) for that of a reinsurance firm.
• Restricting foreign shareholding to 49%.

The decree also defines the operating conditions for the activities of general agents, insurance brokers, as well as those of experts and consultants.