UAE – Ins. distributors cannot issue contracts
Monday, 11 05 2018, Category: Insurance and Reinsurance, Country: U.A.E
The Insurance Authority said that insurance distributors are not allowed to issue any “policies” on behalf of the companies that they represent. Insurance distributors cannot also issue insurance certificates and intervene in the issue of the claims submitted by the customer. Intermediaries cannot sign applications on behalf of insurance customers and they cannot receive premiums from customers or claims due to the customers.
Moreover, the “Authority” said in its regulatory instructions regarding “insurance distribution” that the distributor or intermediary can only market insurance or help close the deal in order to help the customer obtain the insurance coverage that he wants.
Source: Economic Al Khaleej