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  • Chapter Two: Insurance Business

    • Article (4): Insurance Types

      The insurance business shall be divided into the following two types:

      1) Insurance of Persons and fund accumulation operations; and

      2) Property and liability insurance.

      The resolutions, regulations and instructions issued by the Board shall determine the insurance activities that fall under each insurance type.

    • Article (5): Compulsory Insurance

      The Board may impose compulsory insurance against some risks under regulations whereby the controls and conditions of insurance and other provisions related thereto are identified.

    • Article (6): Insurance Services Fees

      1)

      The CBUAE shall charge fees for supervision and control, in addition to any other fees for the services provided by the CBUAE under the provisions of this Decree- Law, including the services of issuing licenses and permits.

      2)

      The Board shall issue a resolution determining the fees referred to in Clause (1) above, and shall publish the same in the Official Gazette.

    • Article (7): Establishment of Funds

      The CBUAE may establish funds with an independent legal personality for the purpose of protecting policyholders, Beneficiaries and aggrieved persons. A resolution shall be issued by the Board specifying the method of forming such funds and their objectives, mechanism of finance, risks covered by them and benefits they provide when such risks occur, methods of their termination and the provisions of their liquidation.