As for categorizing the brokers according to Emirates where their main offices are located is as follows
Emirates
Number
Abu Dhabi
49
Dubai
106
Sharjah
12
Ras Al Khaimah
3
Total
170
Secondly: New directives introduced by the new draft regulation as compared with the existing regulation:
The new Regulation organizes operations of the insurance brokers only. As in respect of the Re-insurance brokers, a new draft regulation will be prepared for the purpose due to the different nature of their operations and the entities those re-insurance brokers are dealing with.
The insurance broker should carry out brokerage operations by way of specialization and thus the broker has no right to cumulate the broker’s present profession with any other profession related to insurance except re-insurance brokerage operations.
The broker shall be in a form of a limited liability company or private stock company. Accordingly, the broker shall not be a natural person or an individual establishment. Though there are no more than 11 brokers carrying out insurance brokerage operations through other formations (a joint liability company or an establishment), it is preferable to close this issue completely.
The Minimum Capital required for an insurance broker is increased as follows:
