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Second: Information Update

Effective from 30/4/2020
  1. The insurance companies and the insurance-related professionals shall work on updating the information and data of the company in the electronic-systems of the Insurance Authority.
  2. The company shall authorize whoever it holds suitable of its staff for periodically updating this data in accordance with the periods in the regulations, instructions and decisions on updating its information in the IA registers.
  3. Some of the data and information shall be subject to the approval of the Insurance Authority in accordance with the requirements for necessarily applying Resolution No 15 of 2014 of the Board of the Insurance Authority on the Data and Information in the Register of the Insurance Companies and the Insurance-Related Professions.
  4. The management and the internal control staff in the insurance companies and the insurance-related professions shall review and update the procedures of the company for updating its information and providing the data and reports on a quarterly basis.
  5. The insurance companies and the insurance-related professions shall periodically review and update the following information according to the company’s business nature as appropriate including for example without limitation:
    1. General information about the company
    2. The information in the enrollment and licensing records on which thecompany is registered
    3. The information about the chairman and the directors of the board of the company
    4. The information about the principal officers of the company
    5. The information about the staff of the company
    6. The information about the nationals working in the company and the
      information about the Emiratisation in terms of the training and compliance ofthe board of directors
    7. The information about the branches of the company
    8. The financial information about the capital, rating, deposits and bank guarantees of the company
    9. The information about the certified external auditor and actuary of the company
    10. The information about the major shareholders as per the shareholdings to be disclosed in accordance with the legislations in force
    11. The name of the members of the governance committee in the company.
    12. Information about the Compliance Officers.