5-1

Fit and Proper Process criteria include the following:

a.

satisfying the requirements of Article No. (15) of Decretal Federal Law No. (48) of 2023 Concerning the Organisation of Insurance Operations;

b.

meeting the necessary qualifications, knowledge and experience requirements;

c.

having a record of integrity, competence and financial soundness;

d.

having sufficient time to fully discharge their responsibilities;

e.

not having any Conflict of Interest; and

e.

passing the assessment determined by the Central Bank for this purpose.

5-2

Demonstration of integrity, competence and financial soundness, which includes the following:

a.

satisfying the requirements of Article (15) of Decretal Federal Law No. (48) of 2023 Concerning the Organization of Insurance Operations;

b.

being of good conduct and behavior, and never having been sentenced to a freedom restricting punishment for a moral turpitude crime without being rehabilitated; and

c.

not having stopped the payment of commercial debts even if not associated with bankruptcy declaration, or not having been judged bankrupt without being rehabilitated.

5-3

Senior Management must have the following qualifications and experience, as a minimum:

a.

For the chief executive officer or equivalent:

I.

hold a bachelor’s degree or equivalent, or the (ACII) designation from the Chartered Insurance Institute of London, or an advanced diploma accredited by a similar professional institute;

II.

have successfully completed three (3) training courses in insurance or Insurance Brokerage; and

III.

have a minimum practical experience of ten (10) years in insurance/Insurance Brokerage activities, and no less than five (5) years if he/she holds a higher academic qualification. The experience requirement for a UAE national shall be a minimum of five (5) years and two (2) if he/she holds a higher academic qualification.

b.

For Control Functions:

I.

hold a bachelor’s degree or equivalent, or an accredited professional financial certificate approved by the Central Bank; and

II.

have practical experience in risk management, internal or external audit, and has previously taken part in the audit of Companies or Insurance Brokers for no less than three (3) years, or two (2) years if he/she holds a higher educational qualification or if he/she is a UAE national.

c.

For Senior Management that does not fall under the above-mentioned items (a) and (b) including but not limited to operations manager, and branch manager:

I.

hold a bachelor’s degree or equivalent; and

II.

have a minimum practical experience of six (6) years in insurance/Insurance Brokerage, and no less than three (3) years if he/she holds a higher academic qualification. The experience requirement for a UAE national shall be a minimum of two (2) years, and one (1) year if he/she holds a higher academic qualification.

5-4

A Specialised Employee must have the following qualifications and experience, as a minimum:

a.

hold a bachelor’s degree or equivalent;

b.

have a minimum practical experience of five (5) years in the field of the Licensed type or class of insurance/Insurance Brokerage. The experience requirement for a UAE national shall be a minimum of three (3) years in the said fields.

5-5 

Academic degrees must be accredited as equivalents by the competent authority in the State.

5-6

An Insurance Broker must submit an annual report along with the application to renew the License pursuant to Article (2.16) of this Regulation that contains proof of completion of fifteen (15) hours of continuing professional development for the Insurance Broker’s Representatives, Senior Management and Specialised Employees. In this context, continuing professional development includes attending insurance/ Insurance Brokerage related conferences, training programs and workshops.

5-7

The Insurance Broker’s Representatives, Senior Management, Specialised Employees and Staff meet the Fit and Proper Process’ requirements on an on-going basis.

5-8

On a cas-by-case basis, the Central Bank shall have the right to exempt nominees to fill any of the positions stated in this Article from any conditions, upon the sole discretion of the Central Bank.