| First: Insurance brokers (their number and decisions made in their respect):
In 2009, the number of the insurance brokers reached 303. And since a considerable number of the insurance brokers did not adjust their status according to the new requirements of the Ministerial Decree No 543 of 2006 as to increasing the minimum required capital of the insurance broker and the amount of bank guarantee should be presented to the Insurance Authority. Thus, due to expiration of the period given to the brokers to adjust their status in 2009, a process of a wide writing off the registrations of the insurance brokers who failed to adjust their status was conducted. Accordingly, the number of the insurance brokers decreased as indicated here below.
On July 2 2009, the Insurance Authority advised all the insurance companies and brokers operating in UAE insurance market that the Insurance Authority’s Board of Directors made a resolution ceased granting the insurance brokers new licenses and as well stopped issuing any licenses to open new branches for the insurance brokers registered in the register. The said Resolution is still in force today.
The brokers are categorized according to nationality as of February 20, 2012 as follows:
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