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  • Chapter Nine: License

    • Article (41): Approval and License

      1)

      It is prohibited to establish a company in the State, open a branch of a foreign Insurance Company , or add a new branch without the approval of the CBUAE.

      2)

      It is prohibited for an person to carry out insurance business without having the relevant license issued by the CBUAE, which may, as it deems appropriate for the need of the national economy, approve or reject the issuance of the license, and in case of rejection, the CBUAE shall be reasoned

      3)

      The Board shall revoke the license if it has been issued based on false information.

      4)

      It is prohibited for any unlicensed Company to conclude an Insurance Policy. Any Insurance Policy concluded by an unlicensed Company shall be null and void, and a bona fide affected party may claim compensation.

      5)

      The Board shall set the controls and requirements necessary for implementing the provisions of Clauses (1) and (2) above.

    • Article (42): Reinsurance Controls

      The Company may not reinsure with another company unless the other company is licensed to carry out the insurance type entrusted to reinsure it according to the regulations issued by the Board.

    • Article (43): Fiscal Year

      The fiscal year of the Company shall commence on 1st January and end on 31st December every year. However, the first fiscal year shall commence from the date of its registration in the Commercial Register and end on 31st December of the following year.