The broker may request the closing of a branch. The Insurance Authority shall issue its decision to approve such closure within 20 work days from the date of submitting the complete application to the Insurance Authority provided that the broker adheres to the following:

1. Submit an application for data amendment annotation in the Register.
    
2. Any party with interest shall have the right to object to the branch closure within one month from the date of publishing the announcement in two local widely-distributed newspaper issued in the UAE, one of them in Arabic. Such objection shall be submitted to the competent authority and the Insurance Authority with the reasons thereof and including all data and rights due from the broker. The branch closure application may not be approved except after the reasons for objection to the closure are elapsed by consent or by court order.
    
3. The broker shall continue the normal practice of his/its activity until the issuance of the approval decision to close the branch by the Insurance Authority and the competent authority.
    
4. For a foreign broker branch or a broker established in the UAE free zones, a proof that the parent company has actually approved the branch closure, provided that such proof must be translated in Arabic and certified.
    
5. The bank guarantee shall be released after 3 months from the date of the Insurance Authority’s approval of the closure, cancelation of the associated license and ensuring that there are no liabilities are owed by the branch to the Insurance Authority, companies and customers arising from its insurance brokerage practice.
    
6. Notify the relevant competent authorities of the branch closing decision.