A natural person applying for licensing and registration in the Register as an Actuary must satisfy the following conditions:

1. Hold any of the following qualifications:
    
   1. Fellowship or equivalent, by successfully passing the required examinations for such qualification as required by institutes or institutions specialized in actuarial studies and approved by the IA in accordance with Article (12) of these Regulations.
       
   2. Associateship or equivalent, by successfully passing the required examinations for such qualification as required by institutes or institutions specialized in Actuarial Studies and approved by the IA in accordance with Article (12) of these Regulations, and having a practical experience of no less than two years under the supervision of an Actuary holding the Fellowship or Associateship qualification.
       
2. Have full legal capacity and be no less than 25 years of age.
    
3. Have not been convicted with a felony or misdemeanor involving moral turpitude, trustworthiness or against public morals, or have been declared bankrupt and not rehabilitated.
    
4. His membership for practicing the Actuary profession has never been suspended or cancelled by any entity as a disciplinary penalty, unless the membership was restored by such entity.
    
5. Provide a professional liability insurance policy in accordance with the provisions of these Regulations, issued by a company licensed by and registered with the IA.
    
6. Comply with the laws, Regulations, Instructions and Decisions issued the Authority and other relevant legislation.

A corporate person applying for license to practice the profession of an Actuary must:

1. Take one of the following forms:
    
   1. A company established within the State in accordance with the provisions of the Commercial Companies Law, with its main objective being to practice the actuarial profession.
       
   2. A branch of a company established in a free financial zone in the State or a branch of a foreign company, provided that such company is licensed to practice the actuarial profession in the free zone or the country of origin, and is subject to the supervision of a similar regulatory authority; and having no less than two years of practicing the actuarial business.
       
2. The paid capital of the Company may not be less than AED 100,000 ( One Hundred Thousand Dirhams) for companies established in the State, or the equivalent of AED 250,000 (Two Hundred Fifty Thousand Dirhams) for companies established in a financial free zone in the State and foreign companies.
    
3. Submit a proof confirming the satisfaction of the conditions stipulated in Article (3) of these Regulations with respect to all the persons conducting actuarial functions in the company; or an undertaking to meet all the conditions before the license is granted.
    
4. Have been declared bankrupt and not rehabilitated.
    
5. Provide a professional liability insurance policy, in accordance with the provisions of these Regulations, issued by a company licensed by and registered with the IA.