Conditions for Licensing and Registration
Article (4)
First: For the licensing and registration of a (Natural) Insurance Producer, he must:
- Have full legal capacity with a minimum age of 18 years old;
- Be a natural person who is a UAE National or a natural person residing in UAE and fulfil the conditions determined by the concerned authorities.
- Hold any of the following qualifications as a minimum:
- For UAE Nationals, to be a holder of a Secondary Education Certificate, in addition to a training course not less than two weeks in the Principles of Insurance.
- For Non-UAE nationals, to be a holder of a university degree, in addition to a training course not less than two weeks in the principles of insurance.
- Be of good conduct and behaviour and has never been sentenced to a custodial penalty in a crime or offense of moral turpitude, unless rehabilitated;
- Not previously has his license of practicing any of the insurance related professions cancelled during the last five years.
- To successfully pass the assessment conducted by the Authority for the purposes of licensing and registration in the Register. An exception shall be made for holders of professional insurance certificates.
- The Insurance Producer shall not be permitted, before or after obtaining the license, to be a member of the board of directors, a general manager, an employee of the company, or a managing director for the company, to avoid conflicts of interest.
- Submit a copy of the contract concluded between the applicant and the Company.
Second: For the licensing and registration of a (corporate) Insurance Producer in the Register, the following are required:
- To be a commercial company duly licensed in the state or licensed in a financial free zone.
- The company's functions must include marketing insurance products.
- To submit a no-objection letter from the authority from which the company obtained a license for practicing the profession of Insurance Producer.