What is an insurance broker?
The IA (Insurance Authority) Board of Directors Resolution Number 15 of 2013 (the “Regulations”) regulates the insurance broker profession in the United Arab Emirates (UAE), however, it revise from to time. The Insurance Authority (IA) in Dubai was established as a separate legal personality under Federal Law Number 6 of 2007 for the regulation and supervision of the UAE’s insurance sector.
What is the eligibility to become an Insurance broker in Dubai, UAE?
- The firm must be founded in the UAE and registered under the Commercial Companies Law with a minimum share capital of AED 3 million in order for the Insurance Authority to issue a license.
- The share capital requirement is AED 10 million if the organization is a branch of a free zone or a foreign enterprise.
- A free zone broker’s capital, bank guarantee, and Professional Indemnity coverage requirements are clearly higher than those of an onshore broker.
What documents are required?
- a copy of the company’s contract of incorporation and articles of association, certified in accordance with the laws of the issued from outside the country, with a certified translation into Arabic if made in a foreign language
- a copy of the certificate of registration of the company in the commercial register of the country’s companies
- Official document from the relevant authorities stating that the joint partners, board members, or directors have not been convicted of a crime against honor or honesty, as well as written confirmation from each director that they have not been declared bankrupt.
- a copy of the national partners’ registration summary and non-nationals passport.
- Providing documentation demonstrating that one of the partners of a company based in the country has earned a university diploma.
- submitting documentation demonstrating the condition of one of the partners of one of the company’s responsible directors’ educational qualification and practical experience.
How to apply and where to register?
Any insurance broker considering establishing a business in the UAE should read the Regulations carefully to ensure that they have the necessary skills to comply with the legal requirements mentioned in the Resolution No. 15 of 2013 by the Insurance Authority Board of Directors Concerning Insurance Brokerage Regulations and Decision No. 58 of 2013 by the Insurance Authority Board of Directors, Concerning the Implementation of Resolution No. 15 of 2013 by the, IA Board of Directors, Concerning Insurance Brokerage Regulations. Fill up the registration form here.
How to apply and obtain an insurance broker license?
Following are the requirement to obtain an insurance broker license:
- A bank letter of guarantee, as well as professional indemnity insurance coverage in favor of the IA, must be presented.
- The hiring of the necessary technical and administrative personnel for the company’s operations.
- Provision of an appropriate headquarters, as well as the software and technical systems required for the company’s operations.
- The business must have processes in place to ensure that the IA’s laws, regulations, directions, resolutions, and circulars are followed correctly.
- There must be an agreement between the license applicant and a UAE bank, along with the information of the account assigned to the practice of insurance brokerage, which must be submitted.
- The payments must be paid in full, and the company must comply with any extra limitations or requirements imposed by the IA.
What is the validity of the insurance broker license?
A license is valid for one year and can be renewed every year. However, Each year, it expires at the end of December.
Top 10 best insurance brokers in UAE
- Al Futtaim Willis Co. LLC
- Pearl Insurance Brokers Co LLC
- KM Dastur & Company (Insurance Brokers) LLC.
- Pioneer Insurance Brokers LLC
- Seven Insurance Brokers
- Gulf Oasis Insurance Brokers LLC
- Prominent Insurance Broker LLC
- Platinum Insurance Broker LLC
- Millennium Insurance Brokers Co. (L.L.C)
- NEW AGE INSURANCE BROKERS (L.L.C)
