1)

It is prohibited to establish a company in the State, open a branch of a foreign Insurance Company , or add a new branch without the approval of the CBUAE.

2)

It is prohibited for an person to carry out insurance business without having the relevant license issued by the CBUAE, which may, as it deems appropriate for the need of the national economy, approve or reject the issuance of the license, and in case of rejection, the CBUAE shall be reasoned

3)

The Board shall revoke the license if it has been issued based on false information.

4)

It is prohibited for any unlicensed Company to conclude an Insurance Policy. Any Insurance Policy concluded by an unlicensed Company shall be null and void, and a bona fide affected party may claim compensation.

5)

The Board shall set the controls and requirements necessary for implementing the provisions of Clauses (1) and (2) above.