Article 1
IA-BOD-RES 3/2010 Effective from 21/3/2010The following words and expressions shall have the meanings ascribed thereto below, unless the context otherwise requires:
Ministry: The Ministry of Economy
Minister: The Minister of Economy
Law: The Federal Law No. 6 of 2007 Concerning the Establishment of the Insurance Authority and the Regulation of Insurance Business.
IA: The Insurance Authority established pursuant to the Law.
Board: The IA Board of Directors.
Chairman: The Chairman of the IA Board.
Director General: The IA Director General.
Company: An insurance company incorporated in the State and a foreign insurance company licensed to operate in the State either through a branch or an insurance agent, including insurance-related professions where necessary.
Insured: The person who entered into an insurance contract with the Company.
Client: Any person to whom the Company offers its products and services.
Insurance Agent: The person by approved the Company and authorized to carry out the insurance business on behalf of the Company or any branch thereof.
Policy: The Policy entered into between the Insurer and the Insured which includes the terms of the contract between the parties thereto, their obligations and rights or the rights of the Beneficiary and any endorsement to such Policy.
The Reinsurer Any Reinsurer incorporated in the State or any foreign Reinsurer licensed to perform reinsurance business in the State or any Reinsurer abroad.
Insurance Broker: The person brokering in insurance or re-insurance transactions between any Insurer and Reinsurer, and receive commission for his/its fees from the Insurer or Reinsurer with which the insurance or re-insurance business is concluded.
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.
Beneficiary: The person who acquires rights pursuant to the insurance contract on commencement or such rights are transferred thereto in a legal manner.
The following words and expressions shall have the meanings ascribed thereto below, unless the context otherwise requires:
Ministry: The Ministry of Economy
Minister: The Minister of Economy
Law: The Federal Law No. 6 of 2007 Concerning the Establishment of the Insurance Authority and the Regulation of Insurance Business.
IA: The Insurance Authority established pursuant to the Law.
Board: The IA Board of Directors.
Chairman: The Chairman of the IA Board.
Director General: The IA Director General.
Company: An insurance company incorporated in the UAE and a foreign insurance company licensed to operate in the State through a branch or an insurance agent.
Insured: The person who entered into an insurance contract with the Company.
Client: Any person to whom the Company offers its products and services.
Insurance Agent: The person by approved the Company and authorized to carry out the insurance business on behalf of the Company or any branch thereof.
Policy: The Policy entered into between the Insurer and the Insured which includes the terms of the contract between the parties thereto, their obligations and rights or the rights of the Beneficiary and any endorsement to such Policy.
The Reinsurer Any Reinsurer incorporated in the State or any foreign Reinsurer licensed to perform reinsurance business in the State or any Reinsurer abroad.
Insurance Broker: The person brokering in insurance or re-insurance transactions between any Insurer and Reinsurer, and receive commission for his/its fees from the Insurer or Reinsurer with which the insurance or re-insurance business is concluded.
Beneficiary: The person who acquires rights pursuant to the insurance contract on commencement or such rights are transferred thereto in a legal manner.