Circular No 48 for registration of insurance brokers

Amount of Guarantees:

For a local Broker:	AED 2 million for the broker’s main office AED 1 million for each of the broker’s branches
For a foreign broker:	AED 3 million for the broker’s main office in the State AED 2 million for each additional branch in the State.

2. 
   The broker shall be obliged to open a separate account with one of the banks operating in the State to be assigned for the financial transactions relevant to the insurance broker’s operations only.
   

Article (9)

Renewal of Registration

The broker, for purposes of renewing the registration, shall submit the following:

1. 
   An application to the Insurance Authority before one month at least as from the expiry date of registration to be submitted in two copies signed by the brokers or by whoever legally represents the broker.
   
2. 
   Statement of the operations carried out by the broker during the last year.
   
3. 
   Copy of the brokerage agreement concluded by the broker with the insurance companies.
   
4. 
   List of the partners’ names, the name of the manager in charge or the manager in charge of the administration as the case might be and of all the senior officials in charge of the brokerage operations.