The following words and phrases shall have the meanings ascribed thereto hereunder unless the context indicates otherwise:
State
The United Arab Emirates.
Law
Federal Law No. (6) of 2007 concerning the Establishment of the Insurance Authority and Organization of its Operations, and the amendments thereof.
Authority/IA
The Insurance Authority established pursuant to the provisions of the Law.
Board
The Board of Directors of the Authority.
Chairman
The Chairman of the Board.
Director General
Director General of the Authority.
Company
An insurance company (and a Takaful insurance company) established in the State, and a foreign insurance company licensed to operate in the State, either through a branch or an insurance agent.
Insurance Policy
The insurance policy entered into between the Company and the insured party, containing the terms of contract between the parties and their rights and obligations, or the rights of the beneficiary, and any addendum thereto.
Central Bank
The United Arab Emirates Central Bank, established under the Federal Law No. (10) of 1980 Concerning the Central Bank, Monetary System, and the Regulations of Banking.
Bank
A Bank or a Finance Company licensed by the Central Bank to operate in the State, unless explicitly stated or implied by context.
Designated Officer
The employee appointed by the Bank in collaboration with the insurance company to market insurance policies through the Bank.
Customer
A natural or corporate person dealing with the Bank.
Wallet Insurance
Insurance against loss or theft of the wallet containing credit cards, ID card, keys, or pocket money, and any other documents, covering hospitalization expenses resulting from injuries occurring in the course of loss or theft of wallets.
Electronic Means
The electronic, smart or otherwise resources adopted by the Authority
Other than as provided above, words and phrases used in these Instructions shall have the meanings given thereto under in the Law.