Skip to main content

Article 1 Definitions

IA-BOD-RES 15/2013 Effective from 9/10/2013

Unless the context otherwise requires, the following words and expressions shall have the meanings ascribed thereto below:
 

The State / UAE The United Arab Emirates.
The LawThe Federal Law No. 6 of 2007 concerning the Establishment of the Insurance Authority and the Regulation of Insurance Business.
Implementing Regulations The implementing Regulations of the Law.
IAThe Insurance Authority.
BoardThe Board of Directors of the Insurance Authority.
DirectorThe Director General of the Insurance Authority.
Free Zone Any financial free zone established in the UAE pursuant to the provisions of the Federal Law No. 8 of 2004 concerning the Financial Free Zones.
Company: An insurance company incorporated and licensed to practice insurance activities in the UAE, or a foreign insurance company licensed to practice insurance activities in the UAE, whether through a branch or an insurance agent.
Client: A person for whom the Insurance Broker practices the Insurance Brokerage business in accordance with the provisions of these Regulations.
Insurance Policy: The contract concluded between the Company and the Client containing the rights and obligations of each party or the rights of the Beneficiary and any endorsement thereto.
Beneficiary: A person who acquires the insurance policy rights from the beginning, or to whom such rights have been legally transferred.
Insurance Brokerage: Intermediation (brokerage) in insurance and reinsurance transactions between the Company and the Client in return for a commission paid by the Company.
Insurance Broker: A juridical person licensed by the IA to practice the Insurance Brokerage activity.