The Actuary must provide the Authority with a Professional Liability Insurance Policy in accordance with the following conditions:

1. The policy shall be issued by a company licensed by and registered with the Authority, and its terms shall be subject to the approval of the Authority.
    
2. The policy shall be issued in the name of the Actuary.
    
3. The policy shall contain the legal and insurance conditions related to indemnity against professional liability of the Actuary arising from the exercise of the professional activity; and the policy shall not be revocable during its term.
    
4. The policy shall be valid throughout the license term and renewable by both parties' agreement (the company and Actuary); and in case of an intention not to renew the policy with the same company, the Actuary shall provide an insurance policy issued by another company at the same required conditions within seven days prior to the expiry of the current policy.
    
5. The sum insured of the policy shall not be less than (AED 1,000,000) One Million UAE Dirhams, provided that the deductible amount is no more than (AED 30,000) Thirty Thousands UAE Dirhams for each accident.
    
6. No amendment or alteration may be made to the policy conditions unless under the written approval of the Authority.