All insurance companies are obliged to obtain a licence for their business activities from SFSSER. As part of its application, each company must submit a business plan. Insurers can commence operations as soon as they have been authorized by SFSSER.Once a company is licensed, some business processes require approval:
- changes to the business plan
- corporate transactions
- surrendering a licence
Under certain circumstances, SFSSER can place an insurance group or conglomerate under group and/or conglomerate supervision.