The Insurance Agent may not combine personal insurance and fund accumulation on the one hand and property and liability insurance on the other hand.
Exceptional to the provision of Clause 1, the juridical Insurance Agent may be registered to practice the business of Insurance Agent in personal insurance, fund Accumulation, property and liability insurance together by a decision of the Director General, provided that the following conditions are satisfied:
a. The Company for which the corporate Insurance Agent practices the insurance business as agent must be licensed to practice insurance business in the UAE in all aforementioned types of insurance in accordance with the provisions of Law; or such corporate Insurance Agent shall be an agent for two or more companies, each of which must be licensed to practice a specific type of insurance.
b. The conditions for practicing agency business in insurance must be satisfied in the type of insurance required to be practiced in accordance with provisions of these Instructions.
c. Conduct a complete separation in the Insurance Agent’s financial and technical records between the records for each above insurance type.