1. The IA shall conduct regular and surprise inspection and control visits without prior notice to Insurance Brokers in order to ensure their compliance with the Law, regulations, instructions, resolutions, rules or circulars issued by the IA, and to investigate any violations revealed by such inspections or contained in the complaints received by the IA.
    
2. The IA may request all information and documents – as it deems necessary for the purposes of controlling and investigating on the Insurance Broker or any of their staff, the companies, clients and beneficiaries.
    
3. The Insurance Broker shall place all brokerage records, documents and entries at the disposal of the IA and its employees; and shall cooperate with them and respond to their requests to fully perform their work.
    
4. The Insurance Broker shall provide any data or information requested by the IA within period specified by the IA.

1. In case of a breach by the Insurance Broker of the Law, regulations, instructions, resolutions or circulars issued thereunder, the IA may sanction any of the following penalties:
    
   1. Serve a warning to the Insurance Broker and compel them to remove the breach
      causes and take the necessary actions to prevent recurrence it in the future.
       
   2. Suspend the Insurance Broker from practicing the activity for maximum period of
      one year.
       
2. The IA may cancel the Insurance Broker’s license in any of the following cases:
    
   1. Losing any of the license conditions stipulated herein.
       
   2. Gross breach of any of the duties and obligations.
       
   3. Failure to renew the license, or to pay the annual renewal fees or prescribed delay
      fines.
       
   4. Issuance of a final court judgment declaring the Insurance Broker bankrupt.
       
   5. The dissolution and liquidation of the Insurance Broker.
       
   6. If the Insurance Broker fails practice the licensed activity within 6 months from
      the date of granting the license.
       
   7. If the Insurance Broker fails practice the activity after a suspension period.
       
   8. If it is found out that the license was granted on the basis of invalid information or data, or based on an undertaking that has not been implemented as determined by the IA.
       
3. The cancelation of the license shall entail the following:
    
   1. Publishing the decision to cancel the Insurance Broker’s license and write off its
      name from the Insurance Brokers Register as soon as the decision is published in
      two widely distributed daily newspapers in the UAE, one of them in Arabic
      language, at the Insurance Broker’s own expense. The IA may pay such expenses
      from the Insurance Broker’s Letter of Guarantee.
       
   2. Recover the Letter of Guarantee and terminate the professional indemnity
      insurance policy after 3 months from the publication date once the IA approved
      the same; and after the settlement of all transactions of the Insurance Broker and
      ensuring there are no obligations towards the IA, clients, companies or any
      beneficiaries arising from practicing the Insurance Brokerage business.
       
   3. No application for license may be submitted before the lapse of (3) years from the
      date of issuing the license cancelation decision.

In case the Insurance Broker's employees violate the Law, regulations, instructions, resolutions or circulars issued thereunder, the IA may impose the following penalties:

1. Warning;
    
2. Suspension from practicing the activity for a maximum period of two months;
    
3. Cancellation of the accreditation in case of excessive breach of the Law, regulations, instructions, resolutions or circulars issued by the IA.

Imposing any of the above stipulated penalties shall not prejudice the civil or criminal liability of the Insurance Broker or any of its employees for the committed violations.

A decision rejecting an application for license, registration, cancelation or write-off may be appealed within (20) working days from being notified of the relevant decision. The appeal shall be submitted to the IA Board of Directors to decide thereon within (20) working days from the date of submission of the complete appeal. The Board’s decision on the grievance shall be final.

1. Whoever practices the insurance brokerage business must rectify their status in accordance with these Regulations within a maximum period of one year from the date it takes effect.
    
2. The IA shall collect the prescribed fees for any procedures or services provided by the IA according to the provisions of the Law, regulations or resolutions issued thereunder.
    
3. Without prejudice to the procedures stipulated in the Commercial Companies Law, in case of a voluntary or mandatory liquidation of an Insurance Broker, such liquidation shall be under the supervision of the IA.
    
4. It is prohibited to deal with any person practicing insurance brokerage business without a license from the IA pursuant to the provisions of these Regulations.

The Director General shall issue the resolutions, circulars and instructions required for the implementation of these Regulations.

The Ministry of Economy Resolution No. 543 of 2006 concerning the Regulation of the Profession of Insurance Brokers shall be revoked.

These Regulations shall be published in the Official Gazette, and shall come into effect on the following day to its publication.