1)

In case the Company violates the provisions of this Decree-Law or the resolutions, regulations, or instructions issued thereunder;

2)

In case the Company lacks of any of the conditions required to be fulfilled in the license under the provisions of this Decree-Law;

3)

In case the Company fails to carry out business in any type of insurance covered by the license, or ceases to carry out such business for one year;

4)

In case the Company is unable to fulfill its financial obligations; and

5)

In case the Company refrains from implementing a final court judgement related to the Insurance Policy;

1)

Should the Company, within a period not exceeding one year from the date on which the suspension decision is issued, removes the suspension reason, the Governor shall issue a decision approving it to continue in insurance business, and the CBUAE shall notify the relevant authority and the Company of the decision.

2)

In the event that the time limit referred to in Clause (1) above expires and the Company fails to remove the suspension reason, the Board shall delicense the type of insurance subject of the suspension, and the CBUAE shall so notify the company and the relevant authorities.

1)

The procedures related to the suspension of business or revocation of the license for one or more types of insurances under the decisions issued by the Board in this regard.

2)

The issuance of a decision to suspend the business or revoke the license for one or more types of insurance shall:

a.

Prohibit the conclusion of Insurance Policies for one or more types of insurance subject of suspension or Revocation; and

b.

Consider all rights and obligations arising from Insurance Policies concluded before the suspension of business or revocation of the license effective and the Company shall be liable for the same.

1)

Should the Board rejects the relicensing application for all types of insurance, or if the Company fails to submit a relicensing application, within the time limit referred to in Article (47) above, the Company shall go into liquidation within a period not exceeding one month from the date of expiry of such period or from the date of being notified of the rejection decision. If the Company fails to do so, it shall be liquidated in accordance with the provisions of this Decree-Law.

2)

The Company’s license shall be deemed revoked if a liquidation decision is issued pursuant to the provisions of this Decree-Law, a final court judgement of its liquidation is rendered or is declared bankrupt under the legislation in force in this regard.