UAE Insurance Authority Sets New Regulations for Insurance Broking

29 December 2020

The UAE Insurance Authority has rolled out new draft regulations for insurance brokerage and online transactions. This draft has 13 chapters and 38 articles that explain insurance broking like governance, registration and licensing, the insurance broker and insurance company roles to the broker, insurance broker’s roles, solvency, mergers, financial reports and disclosures, supervisions, dispute settlements, and penalties.

Who is an Insurance Broker?

The new draft law defines an insurance broker as a juridical individual who intervenes in insurance or reinsurance activities between the insurance/reinsurance proposer and an insurance/reinsurance company and receives a commission from the insurance/reinsurance company.

The provisions of the new draft apply to distribution channels, companies, and any other insurance-related business approved by the authority. These regulations focus on shielding policyholders and guarantee that they receive value for their money by purchasing various products.

The New Insurance Law Provisions

The new insurance law requires an insurance broker to adhere to these regulations for electronic transactions.

Criteria for Insurance Brokerage Licensing

A company must be established in the United Arab Emirates and registered based on the Commercial Companies Law. The company should own a share capital of AED 3 million or more. You need to pay AED 10 million or more and register with the UAE Commercial Law if you run a branch of a financial Free Zone or a Foreign Company. You can consult a law firm in Dubai to help you with these procedures.

It is mandatory to submit an unconditional Letter of Guarantee from a bank; this is paid on demand to the Insurance Authority chairman board of directors. This can be fully or partially liquidated to guarantee the broker’s settlement of transactions and obligations.

You must obtain an insurance policy to cover your profession at a value of AED 2 million for UAE companies and a minimum of AED 3 million for a financial Free Zone or a Foreign Company branch in the UAE.

You must appoint the administrative and technical staff continually. You need convenient headquarters, software, and technical systems for your profession. It is also mandatory to have an internal control system to govern applications of laws, regulations, resolutions, and circulars in adherence to the Insurance Authority regulations. The next step is to submit the agreement between you and the bank, pay the full fees, and comply with any extra regulations. The Insurance Authority approves or rejects the application within 20 working days.

Technical and Administrative Staff

The technical staff of an insurance broker has specific regulations. It is a requirement to appoint at least 1 General Manager, Internal Auditor, Operation Manager, and 1 qualified worker for each type of insurance. Below are the qualifications for the appointment of technical and administrative staff;

A natural individual enjoying full capacity
An individual of good conduct; never been sentenced for freedom restricting punishment in a moral decadency crime without rehabilitation.
Pays his commercial debts even if not declared bankruptcy.

You need to notify the Insurance Authority of appointments, transfers, terminations, or modifications within 60 days.

Roles of the Insurance Broker

You must make internal by-laws and submit a copy to the Insurance Authority Dubai offices within 3 months after obtaining a license. You must review and update the internal control system continually; this ensures that you have proper laws, regulations, resolutions, and circulars.

It is necessary to design an Operations Guide for periodical updates, risk management, and review it according to the rules. Create a professional code of conduct for the staff and supervise and plan their duties according to the Insurance Authority (AI). Collaborate with the internal controller to enable employees to perform their tasks and report any violations to the authority.

You can only dismiss the internal controller by the board of management or board of directors’ decision; this happens if you notify the internal controller and IA of the dismissal at least 30 working days before the dismissal.

Penalties

The IA developed penalties so that insurance brokers do not violate the instructions, regulations, laws, and circulars. If you violate any laws, you receive a warning that compels you to remove the infringement and ensure this does not happen in the future. The IA might suspend you from practicing for a maximum period of 1 year.

The Insurance Authority cancels licenses in the following incidences;

Violating any license conditions
Gross breach of your obligations
Failure to renew your license (delay paying fines or failure to pay renewal fees)
A final bank declaration associating you with bankruptcy
The dissolution and liquidation of your practice
Failure to practice your licensed profession within 6 months after obtaining the license
If you obtained your license through false information.

The insurance sector in the United Arab Emirates is expected to rise; this is why the Insurance Authority issued new regulations to govern insurance brokerage. Brokers have to adhere to set regulations or face penalties. Technical and administrative staff also has to meet various qualifications. This allows brokers to have a set of laws to refer to.

Read Also:

Insurance- Need of the time
5 Top Tips to Help You Hire The Perfect Attorney

Content Rally

Content Rally wrapped around an online publication where you can publish your own intellectuals. It is a publishing platform designed to make great stories by content creators. This is your era, your place to be online. So come forward share your views, thoughts and ideas via Content Rally.

View all posts

How To Find The Best Criminal Defence Lawyer In Sydney

Sydney in Australia is a bustling metropolis known for its vibrant culture, stunning landmarks, and thriving legal system. However, navigating the complexities of the legal world, especially in criminal cases, can be overwhelming and daunting. When confronted with criminal allegations, it becomes essential to enlist the assistance of a proficient and seasoned criminal defense attorney. This article will explore how to find the best criminal defence lawyer in Sydney, ensuring you have the right advocate when you need it the most. Key Factors to Consider Several critical factors must be considered when seeking the best criminal defense lawyer. By considering these factors, you can make a well-informed decision and guarantee that your legal representation is characterized by top-tier quality. 1. Experience and Expertise First and foremost, it is crucial to find a criminal defense lawyer with substantial experience and expertise in handling cases similar to yours. Criminal law encompasses a wide range of offenses, from drug charges to white-collar crimes and everything in between. Look for a lawyer specializing in your case's specific area of criminal law. This specialization ensures that your lawyer is well-versed in the nuances of the law relevant to your situation. 2. Reputation and Track Record A lawyer’s reputation and track record often indicate their competence and success in the courtroom. Additionally, you must always research the lawyer’s background. This is even more important in the case of child pornography defense attorneys. The person who will fight for justice should really be just himself. read client reviews, and seek referrals from friends, family, or trusted acquaintances. A lawyer with a solid reputation for achieving favorable outcomes for clients is a strong indicator of their ability to represent you effectively. 3. Communication and Availability Effective communication is paramount in the attorney-client relationship. It is essential to select a lawyer who demonstrates accessibility, responsiveness, and a willingness to provide regular updates on the status of your case. The best lawyers in Sydney are skilled advocates and effective communicators who can guide you through the legal process. 4. Fees and Billing Structure Discuss the lawyer's fees and billing structure upfront to avoid surprises later. While legal services can be costly, it's essential to understand the cost of representation and how billing will work. Some lawyers offer flat fees, while others bill hourly. Be sure to clarify payment expectations to ensure a transparent and mutually beneficial arrangement. 5. Personal Compatibility Your relationship with your criminal defense lawyer should be built on trust and mutual respect. During an initial consultation, assess whether you feel comfortable working with the lawyer. Your attorney should lend a receptive ear to your concerns, comprehensively respond to your inquiries, and offer guidance tuned to your requirements and preferences. 6. Resources and Support Team Successful criminal defense often involves a team effort. In addition to the lawyer's skills, please inquire about the support team they have in place. Paralegals, investigators, and administrative staff can all play crucial roles in building a solid defense for your case. Conclusion Navigating the criminal defense lawyer in Sydney can be complex and challenging, but having the right lawyer by your side can make all the difference. By taking into account elements such as the lawyer's experience, their standing in the legal community, their ability to communicate effectively, their fee structure, the compatibility of your working relationship, and the strength of their support team, you can identify the attorney who will passionately champion your rights and deliver the legal representation you are entitled to receive. Remember that each case is unique, and finding the right lawyer tailored to your needs is paramount. With thorough research and careful consideration of all the factors, you can take the first step toward securing the best possible legal defense in Sydney. Read Also: 3 Personality Traits of a Successful and High-Ranking Criminal Lawyer 5 Reasons Why You Should Take A Criminal Lawsuit Seriously 7 Ways Criminal Defense Lawyer Can Help You

Hagen Rosskopf Explain What to Look for in a Personal Injury Attorney

If an accident had happened which was not your fault and has resulted in your injury, you may be interested in knowing about an interesting form of a lawsuit- Personal Injury. In order for your lawsuit to succeed, it may be necessary to have a qualified personal injury attorney on your side. Hagen Rosskopf explains the basic principles of personal injury law. Most people do not contact personal injury lawyers until they have already been hurt, but it might not be a bad idea to secure the services of a lawyer before the accident occurs. This means you will not have to struggle to find someone in a chaotic time after your injury. This is especially important for workers in high-risk industries like construction. You may feel that you have a low chance of needing a personal injury attorney, but in truth, injuries can happen at any time. Accidental injuries are the third leading cause of death in the United States. Many of these are car accidents, but other types of accidents can also lead to death or serious injury. The Qualifications of a Personal Injury Attorney Personal injury attorneys need to have a standard amount of schooling and training before they can practice. They must attend college and law school. They must also pass their individual state bar exam. Some multi-state tests are also given. The American Bar Association certifies specialty practices. Types of Cases Handled by Personal Injury Lawyers The type of law practiced in personal injury circles is known as “tort law.” Tort law protects people when their person or their property is harmed due to someone else’s negligence. If the tort action is successful, the defendant or their insurance company will have to pay damages to the injured party. Events covered by tort law include personal injury, medical malpractice, and product liability. Most personal injury lawsuits are filed as a result of a car accident, but there is a wide variety of other accidents that could occur. Slip and falls, workplace injuries, animal bites, and injuries that overlap with actions in the criminal court are included. Often, personal injury lawyers focus exclusively on one type of case. Sometimes a lawyer will take on an unfamiliar area, and they will have to consult experts to serve their client well. Insurance Companies and Personal Injury People may feel that their own insurance coverage should be able to protect them in the event of a personal injury. Sadly, this is often not the case. Getting your own money back from the insurance companies can be hard, and they will try everything to avoid paying the claim. This is disheartening, especially when you have been a customer of the insurance company for many years. A quality personal injury attorney will be able to fight the insurance company for you and get the compensation you need. A Personal Injury Case Roadmap Before your lawyer files the case, you will need to sit down with them and determine whether someone else was responsible for the accident. They will help you find a defendant who caused your injury. Your attorney will go over your injury and talk with you about its severity and how it has affected your daily life. They will talk with you about your legal options when it comes to the case. After consulting with you, the attorney will need to do a full investigation. The accident scene, witness testimony, photographs, police reports, records of medical diagnosis, and bills need to be examined in depth. The attorney needs to know how much money you make and how much you have lost as a result of the accident. Medical and accident reconstruction experts may be secured. Experts are also needed to access the information in a vehicle’s “black box” which records speed and driver actions. For the attorney, the next step is creating a demand package. The demand letter will give a complete picture of the financial, physical, and medical facts of the case. This will help to convince the defendant’s lawyer and the insurance company that you deserve financial help. Demand letters are critical to resolving the case. Experienced attorneys write the best demand letters. These will make sure that you get everything you need. Filing Your Lawsuit If your settlement cannot happen out of court, your attorney will need to officially file the lawsuit. Most personal injury cases do not result in a trial, but it is a good idea to be prepared. In the discovery phase of the trial, obtaining evidence is the most important activity. Personal injury attorneys are good at securing information from the other attorney and the defendant’s insurance company. This information can help to cement the case. Judges may take cases under mediation. In this case, the defendant may settle ahead of the trial. If mediation does not work, it has to be decided via a trial. If your personal injury attorney is experienced in court, you will get the best results. Unfortunately, some cases may take years to resolve if the courts are involved. Understanding Personal Injury Law If you are injured in an accident that was not your fault, consult with a qualified attorney. Hagen Rosskopf encourages injured parties to find a quality lawyer in their local area to help them with their case. Read Also: Learn How Personal Injury Claims Are Resolved in 5 Steps How to Find a Personal Injury Attorney On Any Budget 7 Characteristics of a Great Lawyer that can Help Win your Legal Battle

Family Mediation In Toronto A Path To Resolve Conflicts

In the bustling city of Toronto, family conflicts are not uncommon. Whether it's a dispute between spouses, parents and children, or even extended family members, resolving these issues can be a daunting task. However, there's a gentle, effective way to navigate through these challenging times - family mediation. The Role Of A Mediator A family mediator plays a pivotal role in resolving disputes. They are trained professionals who act as neutral third parties to facilitate discussions and negotiations. Their primary objective is to help families reach mutually agreeable solutions. Benefits Of Family Mediation 1. Preserving Relationships Family mediation focuses on amicable solutions, preserving vital relationships during and after the process. 2. Cost-Effective Mediation is often more cost-effective than litigation, saving you time and money. 3. Confidentiality All discussions during mediation are confidential, ensuring privacy. 4. Faster Resolution Mediation typically resolves issues faster than court proceedings. How To Initiate Family Mediation If you're considering family mediation Toronto, the process is quite straightforward. You can initiate it voluntarily or be referred by a legal professional. The first step is to choose a qualified mediator who will guide you through the process. The Mediation Process Family mediation typically follows these stages: Introduction: The mediator explains their role and the mediation process. Information Gathering: Both parties share their perspectives and concerns. Negotiation: The mediator helps parties find common ground and make informed decisions. Agreement: Once an agreement is reached, it's documented and can become legally binding. Confidentiality And Neutrality In family mediation, confidentiality and neutrality are paramount. Everything discussed during the mediation sessions is confidential, creating a safe space for open communication. The mediator remains neutral and doesn't take sides. Communication Skills In Mediation Effective communication is key to successful mediation. Mediators are skilled in helping participants express their thoughts and feelings constructively. They also ensure that everyone feels heard and understood. Legal Aspects Of Family Mediation While mediation doesn't require legal representation, understanding the legal aspects is crucial. Mediators can provide information, but it's advisable to consult an attorney if you have complex legal questions. Child Custody And Support One of the most common issues in family mediation is child custody and support. Mediation allows parents to create a parenting plan that suits their child's best interests, ensuring their emotional well-being. Property And Asset Division Mediation can help couples fairly divide their property and assets. This process is typically less adversarial and more equitable than court-ordered division. Spousal Support Mediation can also address spousal support concerns. It enables couples to negotiate and agree on fair support arrangements that meet both parties' needs. Success Stories Real-life success stories of families in Toronto who have found resolution through mediation highlight the effectiveness of this approach. It offers hope to those going through difficult times, showing that solutions are possible. Family mediation in Toronto provides a constructive and amicable way to resolve conflicts. It empowers families to find mutually beneficial solutions, preserving relationships and reducing the emotional and financial toll often associated with litigation. Consider family mediation as a pathway to resolving your family issues today. Read Also: Divorce Lawyers In Houston Texas: A Short Guide On Saving Your Marriage Are Payday Loans Really As Bad As People Say? Top 7 Reasons To Hire A Private Detective Agency During Divorce Cases

UAE Insurance Authority Sets New Regulations for Insurance Broking

Who is an Insurance Broker?

The New Insurance Law Provisions