1)

The Solvency Margin and the Minimum Guarantee Fund controls according to the adopted international standards in this regard;

2)

Basis of calculating the Technical Provisions;

3)

Reinsurance standards and controls;

4)

Basis of investing the Company’s assets;

5)

Identifying the Company’s assets that meet the accrued insuring obligations;

6)

Accounting policies to be adopted by the Company and the required Forms to prepare and present financial statements;

7)

Basis of developing accounting books and records of the Companies, Agents, and Brokers, along with determining the data to be recorded in such books and records;

8)

Records which the Company commits itself to maintain and the description of such records, as well as data and documents that must be provided to the CBUAE;

9)

Conditions, controls and ethics for carrying out the insurance and reinsurance activity and the Insurance-Related Professions;

10)

Anti-money laundering and combating terrorism financing and the financing of illegal organizations in insurance activities, in cooperation with the relevant authorities;

11)

Insurance policy rates it deems appropriate and the technical grounds thereof;

12)

Controls and conditions for licensing the Companies and the Insurance- Related Professionals;

13)

Minimum capital for the Companies and the Insurance- Related Professionals;

14)

Rules and controls necessary to protect clients of the Companies and Insurance-Related Professionals and provide them the appropriate Insurance Coverage;

15)

Conditions, rule and controls for approving Auditors of the Companies and the Insurance-Related Professionals and their obligations;

16)

Setting out and determining the Emiratization targets in the insurance sector, monitoring compliance with such targets and imposing penalties and fines on the Companies and the Insurance-Related Professionals that do not comply with the same, and to that end, it may coordinate with the relevant authorities or may entrust them with any of such functions; provided that the Board shall set a mechanism for the retention and disposition of amounts of these fines, and the CBUAE shall submits an annual report to the Cabinet on the Emiratization targets and the actions that have been taken to achieve such targets;

17)

Regulating Takaful Insurance business, including the provisions and procedures for appointing and approving the Sharia’ah Supervisory Committee and the conditions required to be fulfilled by its members;

18)

The financial reporting system and the external audit of the Companies and the Insurance-Related Professionals;

19)

Regulations, rules, standards, directives and instructions related to inspection operations and procedures of the Companies and the Insurance-Related Professionals; and

20)

Regulations, rules and standards related to the competency of the Senior Employee.

1)

The Governor shall issue the policies, regulations, directives and rules approved by the Board, and shall issue the resolutions and directives necessary for implementing the same.

2)

The Governor shall be responsible for applying the provisions of this Decree-Law and the CBUAE’s regulations and the Board’s resolutions issued in pursuance thereof.

3)

The Governor may delegate his competences set forth herein to any of his deputies, assistants or other Senior Employees of the CBUAE; provided such delegation be in writing and for a specific period.