Article (25)
Publication in the Official Gazette
The Regulation herein shall be published in the Official Gazette and put into effect as from date of publication.
Minister of Economy
Chairman of the Board of the Insurance Authority
Issued in Abu Dhabi on 00/00/2012
Explanatory Note
on
Regulation No ( ) of 2012
on
Registration of the insurance brokers and organization of their operations
Introduction:
The profession of brokerage in insurance was subject to the provisions of the Decree of H.E. the Minister of Economy and Commerce No 11 of 2000 on Organization of the Profession of Insurance Brokers. Then, the Ministerial Decree No 543 of 2006 on Organization of the Profession of Insurance Brokers was issued to replace the said Decree. Following the issue of the Federal Law No 6 of 2007 on Establishment of the Insurance Authority and Organization of the Insurance Operations and as a result of the development witnessed by UAE insurance market, there was a need to reconsider the status of insurance brokerage operations in order to protect interests of all concerned parties i.e., firstly, the insurance applicants, the policyholders and the beneficiaries of these policies, secondly; the insurance companies and thirdly, the insurance brokers themselves. This is what the draft of the new regulation is tackling.
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