The following words and phrases shall have the meanings ascribed thereto hereunder unless the context indicates otherwise:

State: The United Arab Emirates

Law: Federal Law No. (6) of 2007 on the Establishment of the Insurance Authority and Organization of its Operations and the amendments thereof.

Executive Regulations: The Executive Regulations of the Law.

Authority/IA: The Insurance Authority.

Board: The Board of Directors of the IA.

Director General: The Director General of the IA.

Company: An insurance company established in the State, and the foreign insurance company licensed to carry out insurance activities in the State, either through a branch or an Insurance Agent.

Actuary: A natural or corporate person licensed by the IA to exercise the actuarial profession and registered therewith in the Register of Actuaries. The term 'Actuary' wherever used herein shall indicate both types of Actuary unless explicitly provided otherwise.

Register: The Register of Actuaries at the IA.