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 concerning the Establishment of the Insurance Authority and Organization of its Operations and the amendments thereof.
Executive Regulations: The Executive Regulations of the Law.
Authority: The Insurance Authority established by virtue of the provisions of the Law.
Board: The Insurance Authority's Board of Directors.
Director General: The Director General of the Insurance Authority.
Financial Regulations: Insurance Authority Board of Directors' Decision Number (25) of 2014, pertinent to Financial Regulations for Insurance Companies and Insurance Authority Board of Directors' Decision Number (26) of 2014, pertinent to Financial Regulations for Takaful Insurance Companies, as appropriate.
Branch of the foreign company : The branch of the foreign insurance company licensed to practice the insurance activity in the State either through a branch or through an Insurance Agent, and the branch of the foreign Takaful Insurance company licensed to practice the insurance activity in the State either through a branch or through an Insurance Agent, where it operates in accordance with the provisions of the Law, the Executive Regulations and the Regulations of Takaful insurance and all its transactions are compliant with the Islamic Shari'a provisions.

Parent company: The foreign insurance company or the foreign Takaful insurance company licensed to practice the activity in the home country and is practicing its operations in the State either through a branch or through an Insurance Agent.

Home country: The country in which the parent company was founded, holds its nationality and responsible for the control on the company.