Shall be a company incorporated outside the State and licensed in its country of registration to practice the insurance brokerage profession in the classes and types of insurance the broker is intending to practice in the State.
Shall carry out its operation in the State by way of opening a branch of a foreign company.
The company’s paid-up capital in its country of registration shall not be less than AED ten million.
Shall appoint a local national representative.
The company shall satisfy clauses E&F of paragraph 1 of Article (4) herein.
Requisites to be met by the manager in charge and the employees of both the local and foreign brokers.
A manager in charge:
Obtained a university degree in one of the specializations related to insurance operations or acquired ACII at least of London or of a similar professional institution.
Of legal capacity.
Shall work full time as manager in charge.
Successfully passed three training sessions in insurance or insurance brokerage.
Having practical experience in the fields of insurance or insurance brokerage for a period no less than five years if the broker is a UAE national and ten years if the broker is a non UAE national.
Passed the examinations conducted by the examination board set to test the employees of insurance and the professions related to insurance formed by the Insurance Authority.
Of good conduct and behavior, never been convicted for breach of honor or being declared bankrupt unless rehabilitated.
Never been dismissed from any insurance company or any other company for disciplinary reasons.
Not liable according to the Insurance Authority own discretion for grief violations of any of the provisions of the Law or the companies’ Law in his capacity as general manager or a member of the board of a company including liability of causing compulsory liquidation of the company.
Any other requisites deemed suitable by the Insurance Authority issued by decision of the Director General.
