The legal system of insurance companies in Yemeni law

Abstract

This study examines the legal framework governing insurance companies in Yemeni law. Insurance companies are considered fundamental pillars of the national economy, playing a crucial role in capital protection against risks. The emergence of Islamic Takaful insurance, driven by scholarly debate regarding the permissibility of conventional insurance, necessitates this investigation. This study aims to elucidate the nature of insurance companies, define their regulatory procedures, under Yemeni law. Employing a descriptive and analytical methodology, the study is divided into two main sections: the first explores the essence of insurance companies, and the second details their regulatory procedures,

Key findings indicate that insurance companies operate as joint-stock companies, with a governmental shift towards transforming traditional insurance companies into Islamic Takaful entities. The study also highlights that engaging in insurance activities is prohibited without ministerial authorization. The study offers several recommendations, including the establishment of a dedicated legal framework for Islamic Takaful insurance companies