Circular No 48 for registration of insurance brokers

Article (4)

Registration Requisites

An applicant for registration in the insurance brokers’ register shall meet the following requisites:

1. 
   A local broker:
   

1. 
   Shall be a limited liability company or a private stock company.
   
2. 
   UAE nationals’ stake in the company shall not be less than 51%.
   
3. 
   One partner at least obtained a university degree in one of the following domains: insurance, management, law, accounting, commerce, finance, economy or acquired AC11 of London or similar institutes and that all partners fulfilled the provisions of Article (30) of the Law.
   
4. 
   The company’s capital shall not be less than AED five million; fully paid-up.
   
5. 
   All the partners, the board members and the manager shall be of legal capacity, good practice and never been declared bankrupt.
   
6. 
   The company shall appoint a manager in charge fulfilling paragraph 1/3 of Article (4) herein and having at least the minimum of the required specializations stated in paragraph 2/3 of Article (4) herein.
   

2.