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Sultan bin Saeed Al Mansouri, Minister of Economy and Chairman of the Board of Directors of the Insurance Authority (IA) an ordinance regulating insurance brokerage in UAE
Minister Al Mansouri, in a press release, said the new regulatory regime which was issued following elaborate studies and extensive discussions represents an advanced step towards regulating insurance brokerage in UAE and advancing the performance of the sector in line with the highest competitiveness standards.
He added that the new regulations are aimed at improving the work ambience of insurance brokers, providing qualifies brokers and protecting all concerned parties in the process of insurance.
The new rules regulate the relations between insurance companies and insurance brokers, govern financial and technical matters between the concerned parties and the relation between brokers and clients, and bridge the gaps of the old regulatory regime.
According to IA’s new regulations, an incorporated insurance broker, licensed to operate in UAE under the Commercial Companies Law, should maintain a minimum paid up capital of Dh3 million. An insurance broker which operates as a branch of a foreign company, or as branch of a company established in a financial free zone in UAE, should maintain a paid up capital of Dh10 million.