These Instructions are called Instructions Concerning the Regulation of Insurance Agents Business and they shall be referred to hereinafter as "the Instructions"
The following words and expressions, wherever used in these Instructions shall have the meanings ascribed thereto below, unless the context otherwise requires:
State/UAE:
United Arab Emirates;
Law:
The Federal Law No. 6 of 2007 concerning the Establishment of the Insurance Authority and the Regulation of Insurance Business;
Competent Authority:
The local competent authority in the concerned Emirate;
IA:
The Insurance Authority established under the provisions of the Federal Law No. 6 of 2007 concerning the Establishment of the Insurance Authority and the Regulation of Insurance Business;
Board:
The Insurance Authority Board of Directors;
Chairman:
The Chairman of the Insurance Authority Board of Directors;
Director General:
The Director General of the Insurance Authority;
Company:
An insurance company incorporated in the UAE and a foreign insurance company licensed to practice the insurance business in the UAE either through a branch or an Insurance Agent;
Insurance Agent:
The person approved and authorized by the Company to practice the insurance business on behalf thereof;
Register:
The register designated by the IA for Insurance Agents licensed to operate in the State.