Financial Services Supervision Law (Insurance), 5741-1981
חוק הפיקוח על שירותים פיננסיים (ביטוח), תשמ"א-1981
Published: 1981-04-23Consolidated Hebrew text as of 2026-07-26 · Last amended 2026-07-22✓ Amendment status checked against the Knesset legislation record on 2026-09-29
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Chapter VIII: Interruption of Services
Definition§
79.
In this Chapter, "workers' strike" – an organised, complete or partial work stoppage by a group of employees, including a go-slow strike and any other organised disruption of the normal course of work.
Declaration of interruption of services§
80.
(a)If the Commissioner is satisfied, after consultation with the Committee, that a particular insurer is unable to conduct its business in a normal manner due to a strike by its employees, the Commissioner may declare that the insurer has ceased to provide services, and the declaration may provide that it shall apply to all of the insurer's services or to part of them.
(b)The declaration shall be published in Reshumot (Official Gazette) and in at least four daily newspapers published in Israel.
(c)The declaration shall specify the date on which the insurer ceased to provide services, and may specify different dates of cessation for different services.
(d)In the revocation of the declaration, different dates of revocation may be specified for different services.
Deferral of Dates§
81.
(a)Where an insurer subject to an interruption and a person have agreed to perform an act or fulfil an obligation that the insurer or the person is required or entitled to perform within the period between the declaration and its cancellation, the date shall be deferred until the end of three business days from the day of cancellation of the declaration, provided that the act or the fulfilment of the obligation falls within the scope of the services to which the declaration applies.
(b)A deferral of a date under this Section shall also apply in respect of a date fixed in a judgment or in another decision of a court or of another judicial or quasi-judicial authority under law.
Interest and Linkage Differentials§
82.
(a)Where an obligation whose repayment date was deferred under section 81 bore interest before the interruption, the obligation shall continue to bear interest until its new repayment date at the rate applicable in the period before the interruption.
(b)Where an obligation whose repayment date was deferred under section 81 was index-linked, the obligation to pay linkage differentials as agreed shall continue to apply throughout the period of the interruption; for this purpose, "index-linked obligation" means an obligation whose amount, in whole or in part, is linked to the exchange rate of a currency, to the cost of living index or to the rise in the price of any other thing.
(c)The Commissioner may direct that during the period of the interruption a person shall be entitled to pay to a banking institution any amount that he owes to the insurer subject to the interruption, and such payment shall have the same effect as payment to the insurer subject to the interruption; the Commissioner may give directions regarding the methods of payment and the methods of publication of the direction.
Validity of Policies§
83.
Where the period of insurance under an insurance contract expired during the period of the interruption, it shall be deemed to have been extended by agreement of the parties until the end of 30 days from the day of cancellation of the declaration, unless prior to the declaration one of the parties to the contract indicated that he did not intend to continue the engagement, or unless the insured entered into an insurance contract with another insurer; in respect of the period of extension, the obligation to pay insurance premiums shall apply at the rate fixed therefor in the insurance contract, proportionate to the length of the period.
Limitation of Liability§
84.
An insurer subject to an interruption shall not bear criminal or civil liability for an act or omission arising directly from the interruption of the services to which the declaration applies.
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Contact Us →Chapter IX: Transitional Provisions
Existing Insurers and Agents§
85.
(a)A company or cooperative society incorporated in Israel which, on the eve of the commencement of this Law (hereinafter – the commencement day), was lawfully engaged as an insurer, is entitled to an Israeli insurer's licence.
(b)A foreign corporation registered in Israel which, on the eve of the commencement day, was lawfully engaged in Israel as an insurer, is entitled to a foreign insurer's licence.
(c)An individual who, on the eve of the commencement day, was lawfully engaged as an insurance agent, is entitled to an individual agent's licence.
(d)A corporation which, on the eve of the commencement day, was lawfully engaged as an insurance agent, is entitled to a corporate agent's licence.
Holder of Exemption§
86.
(a)A foreign resident who, on the eve of the commencement day, was engaged in insurance business in Israel and was exempt, under section 14 of the Insurance Business Supervision Law, 5711-1951 (hereinafter – the previous Law), from the provisions of the previous Law, in whole or in part, is entitled to a similar exemption from the provisions of this Law.
(b)The Minister of Finance may, with the approval of the Finance Committee of the Knesset, revoke an exemption granted under subsection (a), in whole or in part, generally or in respect of a particular matter, or subject it to conditions.
Ottoman Association§
87.
(a)An association founded under the Ottoman Law on Associations of 1909 (hereinafter – Ottoman association), which on the eve of the commencement day was lawfully engaged as an insurer, is entitled to an Israeli insurer's licence.
(b)The validity of an Israeli insurer's licence granted to an Ottoman association as referred to in subsection (a) shall expire at the end of six months from the commencement day, unless its members incorporated as a company or cooperative society within that period.
(c)Where this Law refers to a director, a business manager or an office holder, for the purposes of an Ottoman association it shall be deemed to refer to a person authorised to act on its behalf under its regulations.
Holding of Means of Control§
88.
(a)A person who, on the eve of the commencement day, held, as referred to in section 32(a), more than ten percent of a particular class of means of control in an insurer, is entitled to a permit under that section.
(b)A person who, on the eve of the commencement day, controlled an insurer as referred to in section 32(b), is entitled to a permit under that section.
Insurance Association§
89.
(a)An insurance association which, under the Insurance Business Supervision Rules (Non-Application of Provisions of the Law), 5723-1963 (hereinafter in this Chapter – the Rules), was exempt on the eve of the commencement day from the provisions of the previous Law as referred to in the Rules, is entitled to a permit to continue engaging in insurance, and the provisions of this Law shall not apply to it, except for sections 18, 22, 23, 104 and 105, as long as the provisions set out in the Second Schedule are fulfilled in it.
(b)An association as referred to in subsection (a) shall submit to the Commissioner –
(1)notice of any amendment to the regulations of the association within 30 days from the day of its registration by the Registrar of Cooperative Societies or from the day of its notification to the District Commissioner under the Ottoman Law on Associations, as the case may be;
(2)an annual balance sheet and a report on the number of members by 30 April of each year.
Association Not Engaged in Life Insurance§
90.
A cooperative society whose regulations prohibit it from engaging in life insurance or annuity insurance, which under the Rules was exempt from the provisions of the previous Law, is entitled to a permit to continue engaging in insurance and the provisions of Section C of Chapter III and section 35 shall not apply to it, as long as the said condition is fulfilled in it.
Existing Insurance Arrangements§
91.
For the purposes of section 40, a person entitled to a licence under this Chapter shall be regarded as having submitted to the Commissioner, under section 16, the insurance plans, insurance conditions, insurance premium tariffs and other payments that he collects from the insured, and his reinsurance arrangements, all as practised by him at the time of submission of the application for a licence under this Chapter.
Grant of Licences and Permits to Entitled Persons§
92.
(a)A person entitled to a licence or permit under sections 85, 86, 87 or 89 who has not submitted an application therefor to the Commissioner within six months after the commencement day shall be deemed to have waived it.
(b)The Commissioner may make the grant of a licence or permit under sections 85, 86, 87, 88 or 89 subject to conditions similar to those that applied to the entitled persons by virtue of the previous Law.
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Contact Us →Chapter IX-A: Financial Sanction
Financial Sanction§
92a.
(a)Where a person has breached section 2(a) of the Insurance Contract Law, 5741-1981, or a provision of the provisions under this Law applicable to that person, as detailed in the Third Schedule, the Commissioner may impose on that person a financial sanction under the provisions of this Chapter, in the amount as detailed in respect thereof in the Fourth Schedule.
(b)Where a person has breached a provision of the provisions under this Law applicable to that person in respect of which an offence is prescribed under section 104, the Commissioner may impose on that person a financial sanction at the rate set out below, as applicable:
(1)in respect of a breach of a provision in respect of which an offence is prescribed under section 104(b) – 200 percent of the amount of the financial sanction that could have been imposed on that person under the Fourth Schedule had that person breached a provision listed in Part 3 of the Third Schedule;
(2)in respect of a breach of a provision in respect of which an offence is prescribed under section 104(c) – 150 percent of the amount of the financial sanction that could have been imposed on that person under the Fourth Schedule had that person breached a provision listed in Part 3 of the Third Schedule.
(c)Notwithstanding the provisions of subsections (a) and (b) –
(1)a financial sanction shall not be imposed on a junior employee; in this subsection, "junior employee" means a salaried employee in a corporation who is not an office holder in the corporation and has no employees subordinate to him, excluding an individual holding a licence under this Law;
(2)a financial sanction shall not be imposed on a salaried employee in a corporation who is not an office holder in the corporation and who is not a junior employee therein, if, in the act constituting the breach, that employee did not deviate from the directives of the corporation's managers or from a direction of his supervisor.
(d)Where an insurer has failed to report to the National Insurance Institute (in this subsection – the Institute) that the insurer or a third party who is its insured deducted or was entitled to deduct any amount from the compensation that the insurer or a third party who is its insured is required to pay to an entitled person, and which the Institute was entitled to claim from the insurer or from the third party under the provisions of section 328(a) of the National Insurance Law [Consolidated Version], 5755-1995, in contravention of the provisions of section 328(a1) of that Law, the Commissioner may impose on the insurer a financial sanction under the Fourth Schedule, in the amount that would have been imposed on the insurer for a breach listed in Part 1 of the Third Schedule.
Notice of Intention to Impose Liability§
92a1.
(a)Where the Commissioner has reasonable grounds to believe that a person has breached a provision as referred to in section 92a (in this Chapter – a violator and a breach, respectively) and intends to impose a financial sanction on the violator under this Chapter, notice of the Commissioner's intention as aforesaid shall be given to the violator (in this Chapter – notice of intention to impose liability).
(b)A notice of intention to impose liability shall set out, inter alia, all of the following:
(1)particulars of the act or omission (in this Chapter – the act) constituting the breach;
(2)the amount of the financial sanction, and the period for its payment in accordance with the provisions of section 92f;
(3)the right of the violator to state arguments before the Commissioner, in accordance with the provisions of section 92a4;
(4)the rate of the addition to the financial sanction in the case of a continuing breach or a repeated breach, in accordance with the provisions of section 92e.
Undertaking to Refrain from Breach§
92a2.
(a)Where the Commissioner has reasonable grounds to believe that a person has breached a provision of the provisions under this Law as referred to in section 92a, the Commissioner may, instead of delivering to that person a notice of intention to impose liability under section 92a1, deliver to that person a notice stating that that person may submit to the Commissioner a written undertaking under the provisions set out below in lieu of the financial sanction that could have been imposed on that person for the commission of the said breach (in this Section – notice of undertaking).
(b)In the written undertaking, the violator shall undertake to cease the breach of the provision as referred to in subsection (a), and to refrain from committing a further breach of that provision, within a period to be determined by the Commissioner commencing on the day of delivery of the notice of undertaking, provided that the said period shall not exceed two years (in this Section – the undertaking period); the Commissioner may direct that the written undertaking shall include additional conditions that the violator must fulfil during the undertaking period with the aim of reducing the harm caused by the breach or preventing the recurrence of the breach.
(c)Where the violator has submitted a written undertaking under this section within 30 days from the day of delivery of the notice of undertaking, the financial sanction shall not be imposed on the violator for that breach, unless the violator has breached the undertaking as referred to in subsection (b).
(d)Where the violator has not submitted a written undertaking under this section within 30 days from the day of delivery of the notice of undertaking, the Commissioner shall deliver to the violator a notice of intention to impose liability for that breach.
Breach of Undertaking§
92a3.
(a)Where the violator gave a written undertaking and breached a condition of the conditions undertaken in the written undertaking, as detailed below, the following provisions shall apply, as applicable:
(1)where the violator continued, during the undertaking period, to breach the provision in respect of the breach of which the written undertaking was given – the Commissioner shall send the violator a payment notice in respect of the breach for which the written undertaking was given, and shall deliver to the violator a payment demand in respect of the continuing breach as referred to in section 92e; no payment notice as aforesaid shall be sent unless the Commissioner has given the violator an opportunity to state arguments, in writing or orally, before the Commissioner or before a person authorised by the Commissioner for that purpose;
(2)where the violator again breached, during the undertaking period, the provision in respect of the breach of which the written undertaking was given – the Commissioner shall send the violator a payment notice in respect of the breach for which the written undertaking was given, and the further breach as aforesaid shall be regarded as a repeated breach for the purposes of section 92e; the Commissioner shall deliver to the violator a notice of intention to impose liability in respect of the repeated breach;
(3)where the violator breached a condition of the additional conditions prescribed by the Commissioner in the written undertaking as referred to in section 92a2(b) – the Commissioner shall send the violator a payment notice in respect of the breach for which the written undertaking was given.
(b)Where a condition of the conditions undertaken by the violator in a written undertaking has been breached, as referred to in this section, the Commissioner shall not permit the violator to submit a further written undertaking under the provisions of this Section in respect of a further breach of the provision under this Law in respect of which the breached written undertaking was given.
Right to Be Heard§
92a4.
A violator to whom a notice of intention to impose liability has been delivered may state arguments, in writing or orally, before the Commissioner or before a person authorised by the Commissioner for that purpose, regarding the intention to impose a financial sanction on that person and regarding its amount, within 45 days from the date of delivery of the notice, or at a later date as directed by the Commissioner.
Right to Receive Information§
92a5.
A violator to whom a notice of intention to impose liability has been delivered is entitled to receive all information relating to the breach that the Commissioner considers necessary for the purpose of making a decision under section 92a7; such information shall be made available to the violator at the Commissioner's office from the date of delivery of the said notice.
Protocols§
92a6.
During the course of the hearing on the breach, a protocol shall be kept that reflects what is said and what occurs at the hearing, and that relates to the proceedings, including the Commissioner's remarks and questions; the violator is entitled to receive a copy of the protocol at the conclusion of the hearing or shortly thereafter.
Commissioner's Decision and Payment Demand§
92a7.
(a)The Commissioner shall decide, after having considered the arguments raised under section 92a4, whether to impose a financial sanction on the violator, and may reduce the amount of the financial sanction in accordance with the provisions of section 92p.
(b)Where the Commissioner has decided under subsection (a) to impose a financial sanction on the violator, the Commissioner shall deliver to the violator a demand to pay the financial sanction (in this Chapter – payment demand), in which the Commissioner shall set out, inter alia, the updated amount of the financial sanction and the period for its payment in accordance with the provisions of section 92f; a payment demand shall be given in writing and shall be reasoned.
(c)Where the Commissioner has decided not to impose a financial sanction on the violator, the Commissioner shall deliver to the violator a reasoned written decision to that effect.
(d)Where the violator has not requested to state arguments under the provisions of section 92a4 within 45 days from the day on which the notice of intention to impose liability was delivered to the violator, the said notice shall be deemed, upon the expiry of the said 45 days, to be a payment demand delivered to the violator on the said date.
Update of Financial Sanction§
92b.
(a)The Commissioner may update the amount of the financial sanction on 1 January of each year, according to the rate of change in the index from the last index published before the date of the change compared to the index of November 2005; the Commissioner may also round the amount of the financial sanction to the nearest amount that is a multiple of NIS 10.
(b)The Commissioner shall publish the updated amount of the financial sanction by notice in Reshumot (Official Gazette).
92c.§
(Repealed — תשע״א־3)
92d.§
(Repealed — תשע״א־3)
Continuing Violation and Repeated Violation§
92e.
(a)In the case of a continuing violation, one fiftieth of the financial sanction prescribed for that violation shall be added thereto for each day on which the violation continues.
(b)In the case of a repeated violation, an amount equal to half of the financial sanction that could have been imposed in respect thereof had it been a first violation shall be added to that financial sanction; for this purpose, "repeated violation" – a violation of a provision among the provisions referred to in section 92a, within two years of a prior violation of the same provision in respect of which a financial sanction was imposed on the violator or in respect of which the violator was convicted.
Time for Payment of the Financial Sanction§
92f.
The financial sanction shall be paid within 30 days of the date of service of the payment demand referred to in section 92a7(b).
Updated Amounts of Financial Sanctions§
92g.
The financial sanction shall be according to the updated amount on the date of service of the payment demand, and in respect of a violator who did not submit arguments in accordance with the provisions of section 92a4 – on the date of service of the notice of intention to charge; and if an appeal was filed against a payment demand and the court hearing the appeal ordered a stay of its payment – according to its updated amount on the date of the decision on the appeal.
Shekel Interest and Late Payment Charges§
92h.
If a financial sanction is not paid on time, shekel interest and late payment charges shall be added thereto for the period of delay, until payment thereof, and the provisions of the Interest and Linkage Adjudication Law shall apply, with the necessary modifications.
Collection§
92i.
A financial sanction shall be collected for the State Treasury, and the Tax Ordinance (Collection) shall apply to its collection.
Preservation of Criminal Liability§
92j.
(a)Payment of a financial sanction under section 92a(b) shall not derogate from a person's criminal liability in respect of a violation.
(b)Where a person has been cautioned on suspicion of committing an offence under section 104, administrative investigation powers shall not be exercised and no administrative proceeding or proceeding for the imposition of a financial sanction shall be initiated in respect of the acts that are the subject of the offence, unless a district attorney has decided not to prosecute the suspect.
(c)Where an indictment has been filed against a person for an offence under section 104, the amount paid shall be returned to that person together with shekel interest from the date of payment until the date of its return, and the provisions of the Interest and Linkage Adjudication Law shall apply in respect of such interest, with the necessary modifications.
92k.§
(Repealed — תשע״א־3)
Appeal§
92l.
(a)An appeal against a payment demand may be filed before the Magistrate's Court within thirty days of the date on which the demand was served.
(b)The filing of an appeal shall not stay the payment of a financial sanction, unless the Commissioner has agreed thereto or the court has ordered otherwise.
(b1)Where an appeal has been filed against a decision of the Commissioner, the court may confirm, annul or vary the Commissioner's decision.
(c)If the appeal is allowed, the amount paid shall be returned together with shekel interest from the date of payment until the date of its return, and the provisions of the Interest and Linkage Adjudication Law shall apply in respect of such interest, with the necessary modifications.
Liability of General Manager and Partner other than a Limited Partner§
92m.
(a)The general manager of a corporation and a partner other than a limited partner are required to supervise and to take all reasonable measures in the circumstances of the matter to prevent the commission of a violation by the corporation or the partnership, as the case may be, or by any of their employees.
(b)Where a violation has been committed, it shall be presumed that the general manager of the corporation or the partner other than a limited partner in the partnership, as the case may be, has breached his duty under subsection (a), and a financial sanction may be imposed on him in an amount equal to half of the financial sanction that could have been imposed on him had he been the violator, unless he proves that he fulfilled his duty under subsection (a).
(c)Where the corporation has established adequate procedures to prevent a violation as referred to in subsection (b), has appointed a person on its behalf to supervise their compliance, and has also taken reasonable measures to remedy the violation and to prevent its recurrence, it shall be presumed that the general manager or the partner, as the case may be, has fulfilled his duty as referred to in subsection (a).
(d)In this section, "partnership" and "limited partner" – as defined in the Partnerships Ordinance [New Version], 5735-1975.
Prohibition of Indemnification and Insurance§
92n.
(a)Notwithstanding any law and without derogating from the provisions of sections 262 to 264 of the Companies Law –
(1)a person may not be insured, directly or indirectly, against a financial sanction imposed on him under this Chapter, and a contract for insurance as aforesaid is void;
(2)a corporation shall not indemnify and shall not pay, directly or indirectly, a financial sanction imposed on another person under this Chapter, and a controlling shareholder in a corporation shall not indemnify and shall not pay, directly or indirectly, a financial sanction imposed on the corporation, on an office holder therein or on an employee of the corporation, and any provision or undertaking to pay or to indemnify as aforesaid is void.
(b)
(1)Notwithstanding the provisions of subsection (a), a person may be indemnified or insured in respect of a payment to a victim of a violation as referred to in section 92u or in respect of expenses incurred in connection with the imposition of a financial sanction in his matter, including reasonable litigation expenses and including legal fees, and including by way of advance indemnification;
(2)an undertaking to indemnify or to insure an office holder in a corporation pursuant to paragraph (1) shall have no effect unless a provision permitting such has been set out in the articles of association of the company.
Amendment of the Third Schedule and the Fourth Schedule§
92o.
The Minister of Finance may, by Order, with the consent of the Minister of Justice and with the approval of the Finance Committee of the Knesset, amend the Third Schedule and the Fourth Schedule, provided that the amounts of the financial sanction under the Fourth Schedule shall not exceed the amounts set out below, as the case may be:
(1)in respect of an insurer – NIS 2,000,000;
(2)in respect of a corporation that is not an insurer – NIS 1,500,000;
(3)in respect of an individual who is an office holder or who holds means of control in an insurer or in a corporate agent or who acts without a licence – NIS 150,000;
(4)in respect of an individual who is a sole agent or a licence holder who is not a salaried employee – NIS 27,000;
(5)in respect of an individual who is a salaried employee of a corporation and is not an office holder or partner therein – NIS 18,000;
In this section, "office holder" – as defined in the Companies Law and also a member of an investment committee.
Reduction of the Financial Sanction and Amendment of the Fifth Schedule§
92p.
(a)Where the Commissioner has decided to impose a financial sanction on a violator as referred to in section 92a, the Commissioner may reduce the amount of the financial sanction that the Commissioner would have been required to impose under section 92a, by a written decision setting out the reasons with respect to the fulfilment of the criteria and considerations listed in the Fifth Schedule in relation to the violator or the violation, as well as the reasons with respect to the rate of reduction determined by the Commissioner pursuant to that Schedule.
(b)The Minister of Finance, with the consent of the Minister of Justice and with the approval of the Finance Committee of the Knesset, may amend the Fifth Schedule.
Instalment of Financial Sanction Payment§
92q.
(a)The Commissioner may, upon the request of a violator, decide to spread the payment of a financial sanction in instalments, even if the Commissioner has decided to reduce it pursuant to section 92p, provided that the number of instalments shall not exceed ten monthly instalments.
(b)The monthly instalment referred to in subsection (a) shall be updated to the date of its payment, with the addition of shekel interest, and the provisions of the Interest and Linkage Adjudication Law shall apply in respect of such interest, with the necessary modifications; if the violator fails to pay a monthly instalment on time, the Commissioner's decision on spreading the payment into instalments as referred to in subsection (a) shall be deemed void and the provisions of section 92h shall apply to the balance of the financial sanction payment.
Violation of an Identical Provision against Several Insureds§
92r.
The Commissioner may determine that a person who has violated an identical provision against several insureds shall be regarded as having committed a single violation, if the violation was committed within a short period of time, by a single act or omission or due to the same cause.
Conditional Financial Sanction§
92s.
(a)Where the Commissioner has decided to impose a financial sanction on a violator as referred to in section 92a, the Commissioner may direct, in a reasoned written decision and in accordance with the criteria and considerations listed in the Fifth Schedule that are applicable to the violator or the violation, that the financial sanction, in whole or in part, shall be conditional for a period to be determined by the Commissioner, commencing on the date of the decision to impose the sanction as aforesaid, provided that such period shall not be less than two years and shall not exceed five years (in this Chapter, respectively – conditional sanction and the period of the condition).
(b)In his decision referred to in subsection (a), the Commissioner may prescribe additional conditions that the violator must fulfil during the period of the condition, including actions that the violator must take in order to remedy the violation, to reduce the harm caused thereby or to prevent its recurrence.
(c)If the violator continues to violate during the period of the condition the provision in respect of whose violation the financial sanction was imposed on the violator as referred to in subsection (a), if the violator again violates the said provision or violates one of the additional conditions prescribed by the Commissioner as referred to in subsection (b) – the violator shall pay the conditional sanction together with shekel interest from the date of the decision on the sanction as aforesaid, and the provisions of the Interest and Linkage Adjudication Law shall apply in respect of such interest, with the necessary modifications.
Time Limitation for the Imposition of a Financial Sanction§
92t.
(a)In this section, "the determining period" – seven years from the date of commission of the violation; however, if inspection powers proceedings under section 49c or administrative investigation proceedings under section 49d (in this section – commencement of the investigation) were commenced within the said period, the period shall be extended until the end of two years from the date of commencement of the investigation.
(b)A notice of intention to charge shall not be sent after the determining period.
(c)In calculating the determining period, the following period shall not be taken into account: the period during which the Commissioner was prevented from completing the administrative investigation proceeding due to one of the following:
(1)the violator's presence outside Israel;
(2)evasion by the violator;
(3)the medical or mental condition of the violator;
(4)the violator could not be located with reasonable effort.
Payment to the Victim of the Violation§
92u.
(a)Without derogating from the Commissioner's powers under sections 60 to 62, the Commissioner may impose on a violator an obligation to pay to a person appointed pursuant to subsection (d) (in this section – the person responsible for payment), an amount at the rate set out below, as the case may be, which shall be distributed among the victims of the violation in the manner directed by the person responsible for payment:
(1)if a financial sanction under section 92a was also imposed on the violator in respect of the same violation – at the higher of the following:
(a)the amount of the damage caused to all the victims of the violation, up to a rate of 20 percent of the financial sanction imposed on the violator;
(b)the amount of the profit or benefit, including the prevention of a loss, obtained by the violator, directly or indirectly, as a result of committing the violation, provided that it shall not exceed the maximum financial sanction that may be imposed in respect of the violation;
(2)if a financial sanction under section 92a was not also imposed on the violator in respect of the same violation – at the rate of the amount of the profit or benefit referred to in paragraph (1)(b), provided that it shall not exceed the maximum financial sanction that may be imposed in respect of the violation.
(b)The provisions of section 92h shall apply to a payment under this section until its payment, and the provisions of section 92i shall apply to its collection.
(c)The person responsible for payment shall determine the manner of distribution of a payment under this section among the victims of the violation.
(d)The Minister of Justice, after consultation with the Commissioner and with the approval of the Finance Committee of the Knesset, may prescribe provisions regarding –
(1)the appointment of the person responsible for payment, including the body that shall appoint that person and the eligibility conditions for appointment;
(2)the manner in which the person responsible for payment is to fulfil his role, including the manner in which victims of the violation are to approach him and the manner in which he is to examine the extent of the damage and its distribution among the victims of the violation, as well as the reports he will be required to submit in connection with the fulfilment of his role;
(3)the remuneration and expenses of the person responsible for payment.
Publication of the Imposition of a Financial Sanction§
92v.
(a)
(1)Where a financial sanction has been imposed under this Chapter, the Commissioner may publish, in such manner as the Commissioner deems appropriate and as will ensure transparency in the circumstances of the matter, the fact of the imposition of the financial sanction and its amount, the nature of the violation in respect of which it was imposed and the circumstances thereof, the rate of reduction of the sanction amount – if it was reduced pursuant to the provisions of section 92p and the circumstances in respect of which it was reduced, the particulars of the violator, and if the violator is a corporation – also its name;
(2)Notwithstanding the provisions of paragraph (1), the Commissioner may publish the name of a violator who is an individual if the Commissioner is of the opinion that this is necessary for the purpose of warning the public, and the violator provides a service to the public in a field regulated under this Law.
(b)Where the Commissioner has published the fact of the imposition of a financial sanction as referred to in subsection (a) and an appeal has been filed against it, the Commissioner shall publish the fact of the filing of the appeal and its outcome in the same manner in which the Commissioner published the fact of the imposition of the financial sanction.
(c)Where the Commissioner has decided to impose a conditional sanction or to prescribe additional conditions as referred to in section 92s, the provisions of subsection (a) shall apply with the necessary modifications, and the publication referred to shall also include the period of the condition determined pursuant to section 92s and the reasons for imposing the conditional sanction.
(d)Without derogating from the provisions of subsections (a) to (c), where a financial sanction has been imposed under this Chapter, the Commissioner may direct the person liable for payment of the sanction to publish the fact of the imposition of the sanction as referred to in those subsections in any manner directed by the Commissioner.
(e)Where an order for the cessation or prevention of engaging in a business without a licence has been issued against a person, in accordance with the provisions of section 49f, the Commissioner shall publish the text of the order in any manner the Commissioner deems appropriate.
(f)The Commissioner may refrain from publishing particulars that constitute information which a public authority is not required or is precluded from disclosing under section 9 of the Freedom of Information Law, 5758-1998, with the necessary modifications as the case may be.
Reporting on the Commissioner's Decisions§
92w.
The Commissioner shall report to the Attorney General, once a year, on the Commissioner's decisions under this Chapter; the report shall be drawn up in the format and shall include particulars as directed by the Attorney General, and shall also be published in accordance with the provisions of section 92v.
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