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Article (26) Management of Insurance Companies

IA-BOD-RES 2/2009 Effective from 31/1/2010
  1. It's conditional on whosoever been appointed as a general manager, an authorized manager or a senior officer in the company to satisfy at least the following conditions:
     
    1. He should be a university graduate completed an accredited training course in the field of insurance or in any other related fields.
       
    2. Abundantly competent and experienced in insurance operations; having no less than 5 year experience in insurance operations (for UAE nationals) and 10 years (for non-UAE nationals).
       
    3. He should have worked as manager of one of the insurance departments of any duly licensed insurance company.
       
    4. He shouldn't be liable according to discretion of the Board for a serious violation of any of the provisions of the Law or the Companies Law in his capacity as general manager or board member of any of the companies including the liability of causing compulsory liquidation of the company.
    5. He should be of good conduct; never been convicted for a breach of honor, trust or public moral or declared bankrupt by the Court and not yet rehabilitated.
       
    6. He shouldn't ever been dismissed from any of the businesses of the company or any other company on disciplinary counts throughout the last five years.
       
    7. Any other requisites deemed fit by the Authority and issued upon a decision made by the Director General.
       
  2. The company's chairman and the board members, its general manager, the authorized manager or whosoever acting on his behalf or any other senior official shall be prohibited to:
     
    1. Take part in the management of any other competing insurance company or a similar one
       
    2. Compete the business of the company or do any works or activity in conflict with the interests of the company.
       
    3. Carry out the work of an insurance agent or broker.
       
    4. Receive any commission for any of the works of insurance or reinsurance.
       
  3. Those undertaking the management of a company or an employee therein as well shall be prohibited to represent any shareholder of the company he is working for.
     
  4. In implementing the provisions of the Article herein the competing or similar companies shall mean the companies are carrying out operations of same classes and types of insurance.