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Article (24)

FED LAW 6/2007 Effective from 15/2/2007
  1. Insurance and re-insurance operations in the State may be carried out by any of the following entities which are licensed and registered with the Authority:
     
    1. A public stock company established in the State.
    2. A branch of a foreign insurance company
    3. An insurance agent
       
  2. A. The prior approval of the Board shall be obtained before incorporating any insurance company in the State or opening a branch of a foreign insurance company or carrying out the operations of an insurance agent.

    B. The fiscal year of the company shall commence on the first day of January and end on the thirty first day of December each year and as for the first fiscal year it shall commence as from date of incorporation and end on the thirty first day of December of the following year.

  3. Any insurance contract concluded by a company not duly registered according to the provisions of the law herein shall be deemed invalid and the affected party may claim compensation by reason of so invalidation.
This article has been amended by Federal Law No. (03) of 2018. You are on the latest version. To view the previous version, click the version box below.
Version 1(effective from 15/02/2007 to 26/04/2018)

 

 

  1. Insurance and re-insurance operations in the State may be carried out by any of the following entities which are licensed and registered with the Authority:
     
    1. A public stock company established in the State.
    2. A branch of a foreign insurance company
    3. An insurance agent
       
  2. A. The prior approval of the Board shall be obtained before incorporating any insurance company in the State or opening a branch of a foreign insurance company or carrying out the operations of an insurance agent.

    B. The fiscal year of the company shall commence on the first day of January and end on the thirty first day of December each year and as for the first fiscal year it shall commence as from date of incorporation and end on the thirty first day of December of the following year.
     
  3. The capital of an insurance company shall not be less than the minimum limit as determined by the executive regulation of the law herein.
     
  4. Any insurance contract concluded by a company not duly registered according to the provisions of the law herein shall be deemed invalid and the affected party may claim compensation by reason of so invalidation.