The insurance company is also not permitted to provide different rates to another insurance broker for the same insurance process, unless the other insurance broker has provided different information that affects the insurance company’s decision regarding the terms and prices of insurance. The Regulations provide detailed guidance on the operation of the new dispute resolution committees ("Committees") launched by the IA. 49/2019 on the Life Insurance Regulations issued by the UAE Insurance Authority has had an especially long gestation periods. Dubai International Financial District Precinct The Insurance Authority regulates and licenses all UAE insurance companies established onshore as per the Federal Law No. Email: [email protected], Al Zu’bi & Partners Legal Consultants In line with the Decretal Federal Law No. The legislation was initially released several weeks ago in Arabic but now the regulator has released the details of the ‘Decision Pertinent to Regulations for Life Insurance and Family Takaful' in English . By MEIR team | 23 May 2019 United Arab Emirates Reinsurance Regulation Sultan Bin Saeed Al Mansouri, Minister of Economy, and chairman of the UAE Insurance Authority, has issued a resolution on regulations for reinsurance business, including the licensing and registration of reinsurance companies. T. +971 4554 8182 | F. +971 4554 8183 in case the LOG falls below the aforementioned value, as set out in IA Board of Directors Resolution No. The regulations (24 page / 332KB PDF) cover any business carried out by licensed firms through online, electronic and smart systems, including the sale and marketing of insurance policies, the collection of premiums and claims handling. The UAE Insurance Authority is forging ahead with new regulations to transform the way savings, investment and life insurance policies are sold, offering investors better protection. All rights reserved. 7 of 2019 Concerning the Administrative Fines Imposed by the Insurance Authority was published in the UAE Official Gazette, which lists a total of 204 items that are considered to be violations by the Insurance Authority and their corresponding penalties. The professional indemnity policy remains mandatory and shall be provided in favour of the IA in accordance with the conditions and provisions referred to in the draft regulations. UAE: Insurance authority sets out new regulation for insurance broking By MEIR team | 30 Nov 2020 United Arab Emirates Regulation Brokers The UAE Insurance Authority (IA) has published a draft regulation consolidating rules on insurance broking and online broking transactions. Units 1603/1604 | Al Rostamani Maze Tower Litigation, Arbitration & Dispute Resolution (ADR), Construction, Infrastructure & Engineering, https://zubipartners.com/wp-content/uploads/2019/07/zubiPartnersLogoWeb.png, New Draft Regulations Issued by the UAE Insurance Authority for Insurance Brokerage. 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United Arab Emirates: The UAE Insurance Authority Issues New List Of Fines For Non-Compliance With Insurance Regulations ... the respective administrative fine which the company or person has violated as per the Schedule within the applicable insurance regulations. Insurance Authority regulates and supervises the insurance sector in the UAE in accordance with Federal Law No. On January 6, 2019, UAE Cabinet Resolution No. The new requirements represent a sea change on a going forward basis, and… The insurance company, however, is obliged to process the periodic reconciliations every three (3) months with the insurance broker. Dubai Financial Services Authority (DFSA), UAE Banks Federation (UBF), and ICAEW host a special briefing on IFRS-9 . In our earlier Briefing, The Evolution of Insurance Related Dispute Resolution in the UAE , we discussed how the power to form such Committees was granted to the IA pursuant to Article 110(2) of Federal Law No. The insurance brokerage is obliged to fulfil and maintain its financial solvency requirements in... Letter of Guarantee. The UAE Insurance Authority rolled out new regulations for life insurance and family takaful, which will see greater disclosure for customers and commission caps applied to the sale of protection products including fixed-term savings plans. It can also inspect a firm to ensure compliance. The regulations prohibit insurance companies and professionals from dealing with price comparison websites, although brokers may work with such websites under certain conditions, including a requirement for the price comparison site to be registered with the Insurance Authority and established in the UAE. (6) of 2007 (as amended). As for the branch of the foreign company or the branch of the company established in a financial free zone, the sum insured shall not be less than 20% of the previous year’s turnover in Emirati dirham and 20% of the previous year’s turnover for any other additional branch within the UAE; and, the IA shall have the right to liquidate the GIP submitted by the insurance broker in full or in part to ensure meeting its liabilities resulting from practicing its activity towards the companies, clients or beneficiaries, or in implementation of the IA’s decisions; and, should the insured sum fall below the limit stated in this article, the broker shall return the sum to the required limit immediately and pay the resulting premium difference; and, any amendment or alternation to the insurance policy may only be made under the written approval of the IA; and. T. +973 17 538600 | F. +973 17 532342 the broker shall periodically process monthly reconciliations with the insurance company provided that these reconciliations are completed within five (5) days from the end of that month. Road 4626 | Block 346 | Bahrain Financial Harbour District The Insurance Brokerage activity may not be practiced unless such policy is available and valid; and, that the sum insured may not be less than (AED 3,000,000) three million Dirhams for companies incorporated in the UAE and (AED 1,000,000) one million Dirhams for any branch thereof. Insurance Authority Board of Directors’ Resolution No. Should you wish to obtain further clarity on the above matters, please don’t hesitate to contact our firm and speak to one of our insurance law experts: Raghad Hammad – Partner and Executive Director a. 49 of 2019 Concerning Instructions for Life Insurance and Family Takaful Insurance: 30/03/2020: 220 KB On the other hand, the company is obliged to transfer the commissions due to the broker in accordance with the conditions stipulated in the brokerage agreement; and, the broker shall not hold on to any acquired premiums and utilise them for operational or daily expenses; and, the broker shall perform monthly reconciliations with the insurance company within five (5) business days of each subsequent month and keep documented and certified account statements in accordance with the accounting systems (and vice versa); and. The new Insurance Brokers Regulation (Resolution No. While in regards to the clients, the insurance broker is obliged to provide the client with a receipt for the sums paid in accordance with the approved regulations, provided that one of them is a text message or an email. Firms now have six months from 15 May, when the regulations came into force, to make sure they comply with the new rules. General Provisions. New Draft Regulations Issued by the UAE Insurance Authority for Third-Party Administrators Articles & Publications We have witnessed that a number of TPA’s operating within the UAE have been struck off from performing ongoing business due to negligent and / or delinquent conduct in recent times. For the branch of a foreign company or companies incorporated in any financial free zone, its value may not be less than (AED 5,000,000) five million Dirhams for the branch and (AED 3,000,000) three million Dirhams for any addition branch thereof in the UAE.”. On 6 January 2019, the UAE Insurance Authority (“ IA ”) published the ‘Cabinet Resolution No 7 of 2019’ concerning the Administrative Fines Imposed by the Insurance Authority’ (the “ …

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