Definitions
FED LAW 6/2007 Effective from 15/2/2007The following words and phrases shall bear the meanings indicated beside each of them unless the context provides otherwise:
State: The United Arab Emirates.
Board: The Insurance Authority's Board of Directors.
Chairman: The Chairman of the Board.
Company: The insurance company incorporated in the State and the foreign insurance company licensed to carry out insurance activities in the State either through a branch, or through an insurance agent.
Insurer: Any insurance company incorporated in the State or foreign company licensed to carry out insurance operations in the State according to the provisions of the Law herein.
Insured: The person who has concluded an insurance contract with the company.
Insurance Agent: The person approved and authorized by the company to carry out insurance operations on its behalf or on behalf of any branch thereof.
Insurance Policy (Insurance Contract): The insurance document (policy) concluded by the insurer and insured containing the terms and conditions of the contract between the two parties, their obligations, and rights or the rights of beneficiary of the insurance and any endorsements therein.
Re-insurer: Any re-insurance company incorporated in the State or foreign re-insurance company licensed to carry out insurance operations inside the State or a foreign re-insurance company outside the State.
Insurance Broker: The person who independently intermediates in insurance and reinsurance operations between the insurance or re-insurance Proposer on one side and any insurance or reinsurance company on the other side and receives for his efforts commission from the insurance company or the re-insurance company with which the insurance or re¬insurance has been concluded.
Surveyor & Loss Adjuster: The person who examines the damages occurred to the subject matter of the insurance, and assesses them.
Insurance Consultant: The person, who studies the insurance requirements for his clients, gives advice in respect of the suitable insurance coverage, assists in preparing insurance requisites and receives for his efforts remuneration from his clients.
Actuary: The person who estimates values of the insurance contracts, policies and the related accounts.
Insurance-related Professions: Any person licensed by the Authority to practice any of the activities of Insurance Agent, Actuary, Insurance Broker, Surveyor & Loss Adjuster, Insurance Consultant or any other insurance-related profession that the Board decides to regulate.
Register: The register of insurance companies or insurance agents.
Data: All data and information (both paper and electronic) relating to any insurance activity, including data related to individuals who can be identified, directly or indirectly.
Branch: The branch of the company that carry out insurance operations in its name.
Authorized Manager: The person appointed by the foreign insurance company to manage its branch in the State.
Beneficiary: The person who acquired the rights of the insurance contract at inception or these rights has been legally transferred thereto.
Technical Provisions: The provisions which the insurer must deduct and maintain to meet the insured's accrued financial obligations pursuant to the provisions of the law herein.
Solvency Margin: The surplus in the value of the company's real assets over its liabilities that enables it to fulfil its obligations in full and to pay the required indemnities right away when they befall due without impeding the company operations or weakening its financial position.
Minimum Guarantee Fund: The amount that equates one third of the required solvency margin or the amount determined by the Board whichever is the greater.
Auditor: The accounts' auditor licensed to practice work in the State.
Person: Any natural or legal person.
The following words and phrases shall bear the meanings indicated beside each of them unless the context provides otherwise:
State: The United Arab Emirates.
Ministry: The Ministry of Economy.
Minister: The Minister of Economy.
Authority: The Insurance Authority established by virtue of the provisions of the law herein.
Board: The Insurance Authority's Board of Directors.
Chairman: The Chairman of the Board.
Director General: The Director General of the Insurance Authority.
Company: The insurance company incorporated in the State and the foreign insurance company licensed to carry out insurance activities in the State either through a branch, or through an insurance agent.
Insurer: Any insurance company incorporated in the State or foreign company licensed to carry out insurance operations in the State according to the provisions of the Law herein.
Insured: The person who has concluded an insurance contract with the company.
Insurance Agent: The person approved and authorized by the company to carry out insurance operations on its behalf or on behalf of any branch thereof.
Insurance Policy (Insurance Contract): The insurance document (policy) concluded by the insurer and insured containing the terms and conditions of the contract between the two parties, their obligations, and rights or the rights of beneficiary of the insurance and any endorsements therein.
Re-insurer: Any re-insurance company incorporated in the State or foreign re-insurance company licensed to carry out insurance operations inside the State or a foreign re-insurance company outside the State.
Insurance Broker: The person who independently intermediates in insurance and reinsurance operations between the insurance or re-insurance Proposer on one side and any insurance or reinsurance company on the other side and receives for his efforts commission from the insurance company or the re-insurance company with which the insurance or re¬insurance has been concluded.
Surveyor & Loss Adjuster: The person who examines the damages occurred to the subject matter of the insurance, and assesses them.
Insurance Consultant: The person, who studies the insurance requirements for his clients, gives advice in respect of the suitable insurance coverage, assists in preparing insurance requisites and receives for his efforts remuneration from his clients.
Actuary: The person who estimates values of the insurance contracts, policies and the related accounts.
Insurance-related Professions: Any person licensed by the Authority to practice any of the activities of Insurance Agent, Actuary, Insurance Broker, Surveyor & Loss Adjuster, Insurance Consultant or any other insurance-related profession that the Board decides to regulate.
Register: The register of insurance companies or insurance agents.
Data: All data and information (both paper and electronic) relating to any insurance activity, including data related to individuals who can be identified, directly or indirectly.
Branch: The branch of the company that carry out insurance operations in its name.
Authorized Manager: The person appointed by the foreign insurance company to manage its branch in the State.
Beneficiary: The person who acquired the rights of the insurance contract at inception or these rights has been legally transferred thereto.
Technical Provisions: The provisions which the insurer must deduct and maintain to meet the insured's accrued financial obligations pursuant to the provisions of the law herein.
Solvency Margin: The surplus in the value of the company's real assets over its liabilities that enables it to fulfil its obligations in full and to pay the required indemnities right away when they befall due without impeding the company operations or weakening its financial position.
Minimum Guarantee Fund: The amount that equates one third of the required solvency margin or the amount determined by the Board whichever is the greater.
Auditor: The accounts' auditor licensed to practice work in the State.
Person: Any natural or legal person.
The following words and expressions shall bear the meanings indicated beside each of them unless the context provides otherwise:
| State: | The United Arab Emirates |
| Ministry: | The Ministry of Economy |
| Minister: | The Minister of Economy |
| Authority: | The Insurance Authority established by virtue of the provisions of the law herein. |
| Board: | The Insurance Authority's Board of directors |
| Chairman: | The Chairman of the Board |
| Director General: | The Director General of the Insurance Authority |
| Company: | The insurance company incorporated in the State and the foreign insurance company licensed to carry out insurance activities in the State either through a branch, or through an insurance agent. |
| Insurer: | Any insurance company incorporated in the State or foreign company licensed to carry out insurance operations in the State according to the provisions of the Law herein. |
| Insured: | The person who has concluded an insurance contract with the company. |
| Insurance Agent: | The person approved and authorized by the company to carry out insurance operations on its behalf or on behalf of any branch thereof. |
| Insurance Policy (Insurance Contract): | The insurance document (policy) concluded by the insurer and insured containing the terms and conditions of the contract between the two parties, their obligations, and rights or the rights of beneficiary of the insurance or any endorsements therein. |
| Re-insurer: | Any re-insurance company incorporated in the State or foreign re-insurance company licensed to carry out insurance operations inside the State or a foreign re-insurance company outside the State. |
| Insurance Broker: | The person who independently intermediates in insurance and re-insurance operations between the insurance or re-insurance seeker on one side and any insurance or re-insurance company on the other side and receives for his efforts commission from the insurance company or the re-insurance company with which the insurance or re-insurance has been accomplished. |
| Loss & Damage Adjuster: | The person who examines the damages occurred to the subject matter of the insurance, and assesses them. |
| Insurance Consultant: | The person, who studies the insurance requirements for his clients, gives advice in respect of the suitable insurance coverage, assists in preparing insurance requisites and receives for his efforts remuneration from his clients. |
| Actuary: | The person who estimates values of the insurance contracts, documents and the related accounts. |
| Register: | The register of the insurance companies or the insurance agents. |
| Branch: | The branch of the company that carry out insurance operations in its name. |
| Authorized Manager: | The person appointed by the foreign insurance company to manage its branch in the State. |
| Beneficiary: | The person who acquired the rights of the insurance contract at the start or these rights has been legally transferred thereto. |
| Technical provisions: | The provisions which the insurer must deduct and maintain to meet the insured's accrued financial obligations pursuant to the provisions of the law herein. |
| Solvency margin: | The surplus in the value of the company's real assets over its liabilities that enables it to fulfill its obligations in full and to pay the required indemnities right away when they befall due without impeding the company operations or weakening its financial status. |
| Minimum Guarantee Fund: | The amount that equates one third of the required solvency margin or the amount determined by the Board whichever is the greater. |
| Accounts' Auditor: | The accounts' auditor licensed to perform in the State. |