I. The licensing requirements for Insurance Brokerage are as follows:
 

1. The applicant must be a juridical person having one of the following forms:
    
   1. A company incorporated in the UAE in accordance with the Commercial Companies Law, having the objective of practicing the Insurance Brokerage activity.
       
   2. A branch of a company incorporated in a financial free zone in the UAE, or a branch of a foreign company, provided that such company is licensed to practice this activity in the said financial free zone or in the country of origin in the same insurance type and class; and should be subject to the control of a counterpart supervisory authority, with a minimum five years of practice in Insurance Brokerage, and subject to any controls or conditions set by the IA.
       
2. The paid capital may not be less than (AED 3,000,000) three million Dirhams for a company incorporated in the UAE and (AED 10,000,000) ten million Dirhams for the branch of a company incorporated in a financial free zone or the branch of a foreign company.
    
3. A Letter of Guarantee produced by a bank in favor of the IA must be submitted in accordance with the terms and conditions referred to herein.
    
4. A professional indemnity insurance policy in favor of the IA must be submitted in accordance with the terms and conditions referred to herein.
    
5. The technical and administrative staff required for practicing the activity must be appointed in accordance with the provisions of these Regulations.
    
6. A suitable headquarters, software and technical systems required to practice the activity must be provided.
    
7. An internal control system to ensure the sound application of law, regulations, instructions, resolutions and circulars issued thereunder must be provided.
    
8. A true copy of the agreement concluded between the license applicant and a bank operating in the UAE concerning the account designated for the practice of Insurance Brokerage must be submitted.
    
9. Full payment of the prescribed fees must be made.
    
10. To comply with any additional conditions or requirements determined by the IA.

II. An Insurance Broker must continuously satisfy all the license conditions.