UAE – “Unlicensed” insurance brokers
Monday, 01 15 2018, Category: Insurance and Reinsurance, Country: U.A.E
Dozens of vehicle registration companies and offices in the different Emirates of the UAE pretend to be “commercially licensed” and therefore practice different legal and economic activities. However, they also practice illegal activities such as selling motor insurance policies and earn “monetary commissions” ranging between AED 50 and AED 250 according to the service provided to customers.
“Al Khaleej” newspaper conducted a survey on this issue over a complete year about the complaints of insurance companies and brokers including the illegal sales of insurance, which usually contribute to the competitive of burning prices and an underground network to sell insurance.
Source: Al Khaleej Newspaper