UAE – Maximum life and Takaful commission
Wednesday, 05 03 2017, Category: Insurance and Reinsurance, Country: U.A.E
The Insurance Authority proposed to traditional and Takaful insurers as well as reinsurance companies in the country to set a maximum commission on “Term products” such that 10% of the annual premium is imposed throughout the life of the policy and they fall due over a minimum of 5 years but the maximum total amount should be 160% of the annual premium.
Moreover, the Authority said the maximum should be 4.5% of the annual premium throughout the life of the policy or at least the first five years but should not exceed a maximum of a total of 90% of the annual premium.
Source: Economic Al Khaleej