UAE – Amendments to brokerage rules
Tuesday, 10 17 2017, Category: Insurance and Reinsurance, Country: U.A.E
The Insurance Authority considers amending decision No 58 of year 2013 related to law No 15 of the board of directors of year 2013, which addressed the brokerage insurance regulation according to information received by “Emarat Al Youm”.
According to the new draft law, the paid-up capital cannot be decreased without the prior approval of the Insurance Authority. Approval will be granted only if the insurance broker is sufficiently solvent except if the insurance broker has been recently licensed. Shareholders’ equity cannot be less than 100% of the paid-up capital. And in case it is less than 100% of paid-up capital, the insurance broker has to submit a plain to fix the situation within 15 days of the insurance authority’s notification.
Source: Emarat Al Youm