The insurance broker shall be obliged to submit the following financial guarantees and make the following procedures:
A professional liability policy of AED three million by the local insurance broker and five million by the foreign insurance broker per event as guarantee of the civil liability emerging from damages incurred due to the broker’s practicing of his profession. The policy shall be issued in the broker’s name in favor of the Chairman of the Board in so capacity.
One year bank guarantee automatically renewable throughout the period of registration and of continual duration beyond the date of completing the registration until a decision is made by the Insurance Authority cancelling the bank guarantee and advising the bank as so by a letter issued by the Insurance Authority.
