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.

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What to Do When You’re Involved in a Car Accident in Albany

You can be driving across an intersection and then another vehicle suddenly comes out of nowhere on the left side and smashes into the driver's side of your car. Accidents like these do happen. Each year, millions of car accidents occur in the United States and Albany is no exception. It’s best that you know the steps you need to take when you get into a car accident. Here are some tips on what to do when you’re involved in a car accident in Albany. Different Ways To Handle A Car Accident In Albany 1. Action plan: First things first, here is a rundown of the actions you need to take immediately after a car accident: Step 1: Check if you have injuries. Step 2: Check if your passengers are fine or have injuries that need to be addressed. Step 3: Get to a safe place (park your car on the side or get out of your car if it is severely damaged). Step 4: Call for help and call 911 immediately. Step 5: Wait patiently for medics and the police to come and assist you. Step 6: Exchange information with the other driver involved in the accident. Step 7: Document the accident by taking pictures, finding out exactly what happened, and getting witness statements. Step 8: Inform your insurance company about the accident for you to be able to claim your insurance policy. This will all be discussed in the next paragraphs in detail. 2. Address all safety concerns: The car accident would surely come as a shock to you, but you have to stay alert. Your vehicle could be damaged, and the passengers including yourself could be injured. Immediately check yourself and the other people who are with you in the car. If someone is hurt, call for help and call 911 immediately. Afterward, turn on your emergency hazard lights and place your reflective device at the back of your car so other cars on the road are warned that there was an accident. 3. Report your accident: After you have addressed all injuries and safety concerns, you must report your accident. You might not know, but under the New York law, you are required to report the accident and submit proof of insurance of all parties involved in the accident. Furthermore, if there was damage, injury, or death in the accident, you’re required to file a form with the New York DMV. Here are also some information that you have to take note of regarding the other party: Name Address Mobile number Insurance company Driver’s license number License plate Car make Car model and year Car color Additionally, after you have addressed all safety concerns and gotten information regarding the car accident, try to take as many photographs of the scene as this may come in handy later on for the police report. In more serious cases, you might need a lawyer present to assist you on legal documents and representation when you file a police report. Call your family lawyer immediately if you need to. If you don’t have a lawyer yet, you can check out a law firm site online for legal assistance. 4. Contact your insurance company: Once you have reported your accident and addressed all injuries, it’s now time to contact your insurance company. It’s essential to know what your insurance policy covers. Gather all requirements asked by the company and claim the coverage to help you save money on the repair of the damages on your car. 6. File a personal injury lawsuit: If the car accident resulted in a serious injury, you might want to look into filing a civil lawsuit. Your insurance may only cover partial car damage repairs and medical expenses. In New York, you have around three years from your accident to file a lawsuit to cover the damages from the accident. You may wish to consult with a New York personal injury attorney as New York laws on injury and accidents are quite complex. You can check out Albany Courthouse pages and find more information about filing lawsuits. Hopefully, you’ll never get into a car accident, but if you do, these are some tips that will prepare you for such an event. Simply apply the tips listed above, and you’ll be able to easily recover from a car accident. Read Also: 7 Reasons Why Teenagers Pay Extra For Car Insurance The Aftermath Of Hit And Run Accident Claims: How Much Compensation Can You Expect?

Frequently Asked Questions about Personal Injury Cases

If you are injured in an accident – car accident, workplace accident, assault, or medical malpractice – you likely have many questions. That is perfectly natural and understandable. The best way to get answers is to contact a personal injury lawyer who can help you based on the details of your situation. In the meantime, we offer some answers to the most frequently asked questions about personal injury cases. We hope you will gain some insight to help you begin the process of filing a personal injury claim and getting the compensation that you deserve. Frequently Asked Questions about Personal Injury Cases Q: What is a personal injury? A personal injury occurs when someone’s negligent or reckless behavior causes harm to someone else. Some examples of personal injury cases include: Car accidents Medical malpractice Slip and fall accidents Product liability Workplace injuries Birth injuries Wrongful death You need to understand that if you are fighting a personal injury case of a specific nature, it is always best that you get experts that have experience in that field. In other words, you should look to work with and hire specialists rather than generalists. To understand this better click on more info. Q: How do I know if I have a case? The only way to find out if you have an actionable personal injury case is to speak with an attorney. A personal injury attorney will evaluate the details of your situation and let you know if you have a case, and if so, how to proceed. Q: How much is my case worth? The “value” of your claim, or how much your case is worth, depends on a variety of factors. These factors include: The circumstances surrounding the accident The severity of your injuries Limits on insurance coverage Medical expenses Estimated future medical expenses Lost wages or earning capacity Pain and suffering Loss of consortium Once these factors are taken into consideration, you can obtain an estimate of your case’s value. Remember that an estimate is not a guarantee. Q: What types of compensation can I get through a personal injury claim? Plaintiffs (the person filing a personal injury claim) may be able to obtain several different types of compensation, depending on their case. Most often, personal injury claims seek compensation for: Current medical bills Anticipated future medical bills Loss of income Pain and suffering Mental anguish Loss of consortium Punitive damages These are somewhat broad examples of the types of damages that you may be able to pursue in a personal injury claim. The types of damages relative to your case will depend on the facts of your case. Q: Do I need an attorney to file a personal injury claim? Legally speaking, you do not have to hire an attorney to help you file a lawsuit. However, it is highly recommended. A personal injury attorney can benefit your case in a lot of ways. For example, these attorneys know how the system works and what all needs to happen in order for you to obtain a settlement or verdict. Also, if legal snags hold up your case in the court system, an attorney can help sort things out and get your case moving again. Another benefit of working with an attorney is that attorneys are skilled negotiators. If the other party (defendant) offers you a settlement that is low or unreasonable, an attorney can negotiate on your behalf to ensure that you get maximum compensation. Read Also: Can an Employee Claim for a Personal Injury When Working From Home? Hagen Rosskopf Explain What to Look for in a Personal Injury Attorney How to Find a Personal Injury Attorney On Any Budget Reasons for hiring any Personal Injury Attorney is Important

Choosing The Right Personal Injury Attorneys For Your Case

Injuries from accidents can impose an enormous burden on injured parties. These include medical expenses, property damage, and pain and suffering. These damages may be recoverable even if the victim is partially at fault. Compensation for other losses may be sought, including loss of consortium in a wrongful death case. A Vero Beach personal injury attorney can help victims understand their legal rights and options. Experience If you have sustained an injury, attorneys in Vero Beach can help you file a claim with the responsible party's insurance company and negotiate a fair settlement offer. An attorney with an excellent track record can make all the difference in getting you the due compensation. They will take the time to analyze your case, discuss all available options with you, and fight insurance companies on your behalf. Car accidents may be the most prevalent form of a personal injury claim; however, other incidents resulting in serious injuries - such as bike or pedestrian collisions, motorcycle incidents, slip and fall incidents, medical malpractice lawsuits, cruise ship injuries, or wrongful deaths can all qualify as claims for personal injuries as well. Injury from accidents can have long-term repercussions and significantly diminish the quality of life; in such instances, consulting a personal injury attorney can be extremely helpful in seeking compensation for expenses such as pain and suffering, lost wages, and property damage. They may even assist you in filing a claim against your employer to obtain more damages than just by filing an ordinary claim against them. Costs If you have been injured in a car accident, compensation could be available for expenses associated with medical treatment, lost income, and vehicle repair. Furthermore, if your injuries require ongoing care or permanent disability treatment, compensation for future medical expenses could also be available; furthermore, if it has caused harm to relationships such as marriage, then loss of consortium compensation could also apply. Filing a personal injury suit can help recover losses if another's negligence led to your injuries. A qualified Vero Beach personal injury attorney can guide you through this legal process and negotiate with insurers on your behalf. Compassion Many people need to know they have a personal injury case, but an attorney can help you get the compensation you deserve. The attorneys can explain complicated legalese in simple terms and determine the best strategy for your case. They can also negotiate with the insurance company so you can focus on healing and getting your life back to normal. What Are The Benefits Of The Personal Injury Attorney? Personal injury attorneys are experts and know the twists and turns of the court to extract the right compensation from the jaws of the defendants and the insurance providers. However, we discuss some of the benefits of the personal injury attorney in this section. So, let us get started with the discussion here. Negotiation Skills The personal injury attorneys have the right negotiation skills. When it comes to getting the right compensation. The defendant's lawyers and the insurance company play all the tricks to ensure they provide minimal monetary compensation. However, personal injury employs countermeasures so that the client receives the maximum possible compensation. Prevention Of Critical Errors The insurance companies contact the victims of the accident and collect the information regarding the accident. The adjuster might seem like a caring individual, but they have all the tricks in their quiver to negate the maximum sum as compensation. They consider it a loss for their business. The adjuster is considered not loyal to the interests of the employees. If you agree with the statement, then it will enable the insurance providers to play smart on their periphery. There, you must not make a statement to the defendant's vehicle insurance provider. Let your hired attorney handle the charges. It can cause critical errors that could harm your potential claim. The Playing Field The parties who are at fault (here, the defendant) will try all their means to defend their cases aggressively. If you try to represent yourself, then you may have to face the attorney of the defense. So, knowing the imminent challenge and difficulty you must face, you must defend all. The personal injury attorney has all the tricks to fight your case. They are advanced enough, and they can provide you with the best support against the damages. Expediting Your Claim The claim process includes extensive court cases. First, you must prove you are a victim and establish your case with the judges. Only then will you get your claim. It requires extensive paperwork, buying the time, and framing the strategies. Bank on the experts as they will manage to move the process quickly so that you receive your claim fast. The lawyers can help you facilitate the claims. Accessing The Medal Care One of the advantages that you can reap with the help of an experienced and successful personal injury attorney is accessing medical care. The attorneys talk to the doctors and collect information on the recovery and treatment. This information is crucial from the point of view of extracting the maximum claim. The be-all and end-all of the entire case is to get both justice and compensation, and the attorneys are experienced enough to provide for their clients. Relief From Stress The court procedures are extremely tiresome procedure, and they involve their flow. Fighting the cases alone may not fetch you justice. You may suffer from stress; therefore, you must understand the attorney's role in keeping you free from stress. This is where the role of the attorney becomes crucial. Conclusion A personal injury can cause various losses, from medical expenses to lost wages. A Vero Beach personal injury lawyer can fight to get you the compensation you need for your financial recovery. Victims of accidents can seek damages not only for financial losses but also for non-financial losses such as pain and suffering. In the most severe cases, victims can claim compensation for the impact of the accident on their relationship with their spouse or partner, which is known as loss of consortium. Negligent parties can also face wrongful death lawsuits. Additional: Top 10 Colorado Springs Personal Injury Attorneys Red Flags To Avoid When Hiring A Personal Injury Lawyer What Are The Effective Ways To Communicate With A Personal Injury Lawyer

UAE Insurance Authority Sets New Regulations for Insurance Broking

Who is an Insurance Broker?

The New Insurance Law Provisions