On Wednesday, the Minister of Economy and Trade, Mohamed Al-Huwaij, supervised the signing of a mutual cooperation agreement between the Insurance Supervisory Authority and the National Council for Economic Development in a ceremony held to launch the comprehensive strategy that revolves around setting basic controls and standards for the development of the insurance sector in Libya.
Al-Huwaij stressed the importance of the insurance sector as it is considered one of the most important activities that would improve the economic conditions, pointing to the need to develop an appropriate strategic work mechanism to create a modern insurance sector, which contributes to enhancing transparency and modernizing legal and regulatory frameworks because of their significant impact on the development of other sectors.
The celebration was attended by the Chairman of the Administrative Control Authority, the Director General of the National Council for Economic Development, the Director General of the Insurance Supervisory Authority, and the Secretary General of the Libyan Federation of Insurance Companies.