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

Coping With Loss: Legal Aspects Of Wrongful Death Cases

Experiencing the untimely loss of a dear one is a profound and painful experience. Especially when it results from the wrongful deeds or negligence of someone else; first, let’s understand what a wrongful death means, and then we will talk about the different aspects. This article delves into the complexities of wrongful death cases, exploring the legal framework and avenues for seeking justice and compensation. So, make sure you stay tuned till the very end as we are about to unfurl some of the most interesting information about wrongful death claims. What Does A Wrongful Death Lawsuit Mean? When an individual faces death because of another person’s negligence, it is termed wrongful death. Most of us know it. But what’s a lawsuit related to it? Let’s have a closer look. The family members and close associates of those who die want to punish the responsible party, which is why they file a lawsuit against them. The claims made against them are known as wrongful death claims. In such a lawsuit, the individual’s family might sue the person or the complete entity at fault for the death. It is important to remember that death claims do not bring back the victim. But it certainly strengthens the will to punish anyone who is negligent on-site. The Role Of Legal Professionals Consulting with a legal professional, such as a Temecula wrongful death lawyer, can offer invaluable support and guidance. A lawyer with expertise in wrongful death cases can help interpret the law, manage the legal proceedings, and advocate for the maximum compensation. Their support can be crucial in ensuring that the legal process is handled sensitively and effectively, allowing families to focus on healing. Understanding Wrongful Death Claims Wrongful death claims allow certain family members or representatives to seek compensation for the losses they've endured due to the death of a loved one. California law specifies who can bring these claims, including spouses, domestic partners, children, and, in some cases, dependents who may not be directly related. These laws aim to provide financial relief and a sense of justice to those left behind, covering aspects such as funeral expenses, lost income, and the loss of companionship and support. Navigating The Legal Process Navigating the legal process in wrongful death cases can be complex and emotionally taxing. It involves understanding the nuances of the law, gathering evidence, and effectively presenting a case in court. Families often grapple with the legal system while still in the throes of grief, making the process even more challenging. A number of state laws restrict wrongful death claims only to immediate family members, parents, children, and surviving spouses. There might be varied requirements for heirs under the state intestacy laws or the will. But the legal professional files suit on your behalf and ensures that you win the case, attaching all necessary documents. Seeking Justice And Closure Although there is no legal action to compensate for a loved one’s death, opting for a claim about the same can provide a sense of justice and closure. It holds the at-fault party accountable and helps prevent similar tragedies in the future. For many families, it’s a crucial step in the healing process. The emotional toll of losing a loved one in a wrongful death case is immense. It's not only a legal battle but also a personal journey of grief and loss. Finding a support system during this time is crucial. This can include counseling, support groups, and relying on the support of friends and family. Taking care of your emotional well-being is as important as managing the legal aspects of the case. Financial Implications And Compensation Wrongful death cases often bring significant financial strain, especially if the deceased was a primary breadwinner. Seeking compensation is not just about justice; it's also about securing financial stability. Compensation in these cases may cover lost wages, medical bills, funeral costs, and loss of future earnings. Understanding the full scope of financial implications is vital for the family’s long-term security. For financial compensation, you may have to fill out the claim form properly. It consists of every little detail that might be significant for the claimed purpose. Time Limits For Filing Claims It's important to be aware of the statutes of limitations in wrongful death cases. These laws set the maximum time after an event within which legal proceedings may be initiated. Missing these deadlines can result in the loss of the right to seek compensation. Knowing these time frames and acting promptly is crucial in these cases. Also, there are instances when fraudsters have logged fake information just to get some money. To mitigate the possibilities of such fake cases, a time limit is imposed for filing claims. It also helps in managing the operational side of claim settlement. The Role Of Evidence In Building A Case Gathering as well as preserving evidence is key to building a strong wrongful death case. This might include medical records, witness statements, and expert testimony. Solid evidence not only supports the claim but also helps in accurately quantifying the damages for fair compensation. Working with legal professionals to collect and present this evidence is essential for a successful outcome. Conclusion Wrongful death cases are about more than just legal claims; they're about seeking justice for a life unjustly taken and providing support to those left behind. Understanding and navigating the legal aspects of these cases are crucial steps in this journey. While the road to recovery may be long, knowing your rights and options can provide a path toward healing and closure. Read Also: 5 Common Types Of Personal Injury Cases Top 10 Colorado Springs Personal Injury Attorneys How Much Compensation Can You Expect Run Accident Claims

How Safe are Pedestrians in Georgia?

Georgia is a great place for people who like to walk. Many cities and neighborhoods dedicate their roads to walking communities. Downtown Atlanta has walking paths for residents, employees, visitors, and customers. The Metro Atlanta area is also full of pedestrian-friendly parks. And let’s not forget that the rural parts of the Metro area have abundant hiking trails. All this makes Georgia seem very pedestrian-friendly. Not necessarily. While Georgia may encourage walking, pedestrians are only sometimes safe. How Safe are Pedestrians in Georgia? In 2019, Smart Growth America conducted an urban planning and development study. Atlanta was included in their research, including a portion dedicated to how pedestrian-friendly certain states are. How did Georgia rank? Put together by The Embry Law Firm, let’s look at some statistics: Overall, the state ranked as the 6th most dangerous state for pedestrians. The Metro Atlanta area ranked as the 25th most deadly region for pedestrians. From 2008 to 2017, 1,782 pedestrians were victims of hit and run by cars across the state. That accounts for 1.76 pedestrian deaths per 100,000 people (about the seating capacity of the Los Angeles Memorial Coliseum). The annual average number of pedestrian deaths in Georgia is 184. The national average is 1.55. From 2011 to 2015, pedestrian deaths increased by 58%. 78% of pedestrian injuries and fatalities occurred at “non-intersection” locations. 52% of pedestrian injuries and deaths occurred while the individual was waiting to cross a road. This data means that Georgia—and especially Metro Atlanta—may be friendly to pedestrians, but our state’s drivers are not. Is the State Trying to Protect Pedestrians? Knowing what we do about pedestrian accidents, injuries, and deaths across the state, we must consider whether our state leaders are taking action to reduce those numbers and save lives. The answer is that, yes, state leaders are working on initiatives that could reduce the number of pedestrian accidents and deaths. Georgia has adopted one major initiative called “Vision Zero.” This initiative comes from the idea that traffic fatalities can be reduced to zero through engineering, education, and enforcement (the 3 E’s). Vision Zero holds to the notion that humans make mistakes. Therefore, a road system is required to ensure these mistakes do not lead to severe injuries or death. Numerous countries and cities across the United States have adopted Vision Zero. Many have seen a dramatic improvement in their traffic fatality rates, including pedestrian deaths. One of Vision Zero's goals is to enhance road safety for everyone—drivers, bicyclists, motorcyclists, pedestrians, and public transit users. What Can Pedestrians Do to Stay Safe? Pedestrians can do their part in the fight to reduce the number of pedestrian accidents and fatalities each year. The Georgia Governor’s Office of Highway Safety recommends the following: Always walk on the sidewalk if possible. If there is no sidewalk, walk close to the left side of the street. When walking on the street, facing traffic. Always cross the road at a crosswalk if one is available. Stay in the street and attempt to dash in between traffic. Pedestrians are required to obey traffic signals. Look for signals that say “walk” or “don’t walk.” When walking near the street, wear bright clothing or use reflective gear. Encourage your children not to play in the street, even in quiet neighborhoods. You can’t control the actions of others, but as a pedestrian, you can take measures to keep yourself safe and out of harm’s way. Whether you are commuting to work in Atlantic Station or walking a trail along the Chattahoochee River, walking is a favorite pastime for Georgians. It is important, however, that all of us do our part—whether walking or driving—to protect ourselves and others around us. This is the best way to improve safety for all of Georgia. Just Moving to Georgia (Road Safety Guide) Georgia has reliable hours and an easy position. Therefore, you might end up here for your work purposes. However, when it comes to road safety, you need to be a little more careful with your approach. To begin with, you will have to be wary of road safety measures and how to protect yourself against rash driving. Now, here's a thing that you want to remember, and that's—crossing streets; Cross streets at marked crosswalks or intersections; if none are available, keep well on the road to be seen. Stand clear of vehicles in case they roll backward. Be Seen: Wear bright or reflective clothing if you are walking or biking in low lighting conditions, especially at night. Make eye contact with drivers in the vehicle waiting for you to cross in front of them. Avoid Distractions: Don’t use your phone or listen to music at a high volume while walking. Be aware of everything and everyone around you. Educate Children: It is not just about your safety, especially if you are relocating your family alongside the job. Teach children to follow road safety precautions while crossing the roads. Plan Safe Routes: Choose well-lit and less busy routes for walking. Know the normal traffic patterns around where you live. Final Note Whether you’re new to Georgia or you’ve lived here for some time, remember that safe walking can sometimes be your responsibility. We have a combination of urban and rural settings in which to enjoy walking, but because of that fact, we must be aware of some simple tips to keep ourselves safe. Yes, appreciate other drivers, but when in doubt, always come back to his rulebook! Read Also: 7 Ways Truck Accidents Differ from the Regular Car Crashes Denise Hamet Discusses Trends in Creative Transportation Strategies

6 Law Fields With High Demand In 2024

As we move further into the 21st century, the legal profession continues to evolve in response to the changing dynamics of society, technological progress, and global phenomena. This evolution has led to a noticeable shift in the demand for legal expertise across various specialized fields. For aspiring legal professionals or those looking to pivot their careers, understanding these trends is crucial. It not only opens up new opportunities but also highlights the importance of tailoring one’s educational journey to meet the needs of the future legal landscape. The need for specialization in law is more pronounced than ever, with certain areas experiencing a surge in demand. This article explores six law fields that are anticipated to be in high demand in 2024. By aligning their academic and professional development with these areas, individuals can position themselves advantageously in the job market. Let’s delve into the specifics of these fields and uncover why they stand out in the current legal ecosystem. Criminology Criminology, the study of crime, criminal behavior, and the criminal justice system, is seeing a growing demand for experts. This surge is driven by increasing public safety concerns, the rise of cybercrime, and advancements in forensic science. For those intrigued by the complexities of crime and motivated to contribute to its understanding and prevention, criminology offers a rewarding career path. For individuals looking to enter this field, pursuing an online criminology degree can be an excellent starting point. The flexibility of online learning allows students to balance their studies with other commitments, making it an ideal option for working professionals or those with family responsibilities. Furthermore, online programs often provide access to a diverse range of courses and the latest research in the field, ensuring students receive a comprehensive and up-to-date education. The convenience and depth of learning available through an online criminology degree make it a compelling choice for aspiring criminologists. Cyber Law In an era where digital interactions and transactions are commonplace, the significance of cyber law cannot be overstated. This field addresses legal issues related to the Internet, including data protection, privacy, and cybercrime. As our reliance on digital technology continues to grow, so does the need for legal professionals skilled in navigating the complex landscape of cyber law. Cyberlaw specialists are crucial in helping individuals, companies, and governments safeguard their online presence and comply with evolving regulations. The demand for experts in this area is fueled by the relentless pace of technological innovation and the increasing sophistication of cyber threats. For legal professionals looking to specialize, cyber law offers a dynamic and challenging career path that is both intellectually stimulating and socially important. Intellectual Property Law The digital age has also sparked a surge in creativity and innovation, making intellectual property (IP) law more relevant than ever. This field protects the rights of creators and inventors, ensuring they can benefit from their inventions and artistic works. With the explosion of content creation, technological advancements, and global commerce, the demand for IP law specialists is on the rise. Intellectual property lawyers play a critical role in navigating the complexities of copyright, patents, trademarks, and trade secrets. They help individuals and businesses secure and defend their IP rights, fostering an environment where innovation can thrive. The global nature of IP law, coupled with the rapid pace of technological change, offers legal professionals a challenging and rewarding career path that is both lucrative and impactful. Environmental Law As global awareness and concern for environmental issues continue to grow, so does the demand for environmental law specialists. This field focuses on regulations, policies, and laws that relate to the environment, including air and water quality, land use, biodiversity, and the impact of climate change. Environmental lawyers play a crucial role in advocating for sustainable practices, enforcing environmental regulations, and advising clients on compliance with environmental laws. The urgency of addressing climate change and protecting natural resources has made environmental law a critical area of focus for governments, NGOs, corporations, and communities worldwide. Specialists in this field have the opportunity to make significant contributions to environmental conservation and sustainability efforts, working on cases that range from local pollution disputes to international environmental agreements. The work is not only professionally rewarding but also offers a chance to have a lasting impact on the planet's future. Health Law The field of health law covers a broad spectrum of issues related to healthcare, including patient rights, medical ethics, healthcare policy, and the regulation of the healthcare industry. With ongoing advancements in medical technology, changes in healthcare delivery systems, and the complexities of healthcare legislation, the demand for legal professionals with expertise in health law is higher than ever. Health law specialists can find opportunities in various settings, from hospitals and healthcare systems to government agencies and private law firms. They advise on legal and ethical issues related to patient care, assist in navigating regulatory compliance, and play a key role in shaping healthcare policy. The dynamic nature of the healthcare industry, combined with the critical importance of health-related matters to society, makes health law a compelling and impactful field for legal professionals. Immigration Law In today's globalized world, immigration law is a field of increasing relevance and demand. This area of law deals with the legal issues surrounding the movement of people across borders, including visas, residency, asylum, and citizenship. Immigration lawyers provide vital assistance to individuals and families navigating the complex and often challenging process of moving to a new country. The demand for skilled immigration lawyers is driven by ongoing political, economic, and humanitarian factors that influence migration patterns. These professionals not only help clients understand and comply with immigration laws but also advocate for their rights and well-being. Working in immigration law offers the chance to make a profound difference in the lives of people seeking new opportunities or refuge, contributing to a more just and equitable global community. Conclusion The legal profession is poised for significant growth in specialized fields that respond to contemporary challenges and societal needs. From the intricacies of criminology and the digital frontier of cyber law to the protection of intellectual property, the environment, health, and human rights through immigration law, these areas offer promising opportunities for legal professionals. By pursuing education and training in these high-demand fields, individuals can not only advance their careers but also contribute to meaningful change and justice in society. Read Also: How Hiring A Lawyer Can Help You Get The Best Possible Outcome Rocket Lawyer And ZenBusiness Services For Business Things To Consider Before Hiring A Lawyer

UAE Insurance Authority Sets New Regulations for Insurance Broking

Who is an Insurance Broker?

The New Insurance Law Provisions