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Article (20) Disciplinary Penalties

IA-BOD-RES 8/2011 Effective from 7/4/2011
  1. In case the IA finds out that the Insurance Agent has violated the provisions of the Law, these Instructions, or any regulations issued pursuant to the Law, the Director General shall have the right to impose the following disciplinary penalties:
     
    1. Serve the Insurance Agent with a written notice to rectify his/her/their situations in accordance with the procedures and within the period set forth in such notice;
       
    2. Suspend the Insurance Agent from practicing the business for a period of no more than six months; and in case or recurrence, the suspension period shall be doubled; or
       
    3. Cancel of the Insurance Agent’s registration in the Register.
       
  2. If the Insurance Agent fails to rectify the situations thereof in accordance with requirements of the provisions of items (a) and (b) of the preceding clause, the Director General may cancel the registration of the Insurance Agent in the Register.
     
  3. Disciplinary penalties imposed by the Director General may not prejudice the civil and penal liabilities prescribed by the Law and other applicable laws in the UAE.