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Article (4)

IA-BOD-RES 27/2020 Effective from 18/11/2020

First: For the licensing and registration of a (Natural) Insurance Producer, he must:

  1. Have full legal capacity with a minimum age of 18 years old;
  2. Be a natural person who is a UAE National or a natural person residing in UAE and fulfil the conditions determined by the concerned authorities.
  3. Hold any of the following qualifications as a minimum:
    • For UAE Nationals, to be a holder of a Secondary Education Certificate, in addition to a training course not less than two weeks in the Principles of Insurance.
    • For Non-UAE nationals, to be a holder of a university degree, in addition to a training course not less than two weeks in the principles of insurance.
  4. Be of good conduct and behaviour and has never been sentenced to a custodial penalty in a crime or offense of moral turpitude, unless rehabilitated;
  5. Not previously has his license of practicing any of the insurance related professions cancelled during the last five years.
  6. To successfully pass the assessment conducted by the Authority for the purposes of licensing and registration in the Register. An exception shall be made for holders of professional insurance certificates.
  7. The Insurance Producer shall not be permitted, before or after obtaining the license, to be a member of the board of directors, a general manager, an employee of the company, or a managing director for the company, to avoid conflicts of interest.
  8. Submit a copy of the contract concluded between the applicant and the Company.
     

Second: For the licensing and registration of a (corporate) Insurance Producer in the Register, the following are required:

  1. To be a commercial company duly licensed in the state or licensed in a financial free zone.
  2. The company's functions must include marketing insurance products.
  3. To submit a no-objection letter from the authority from which the company obtained a license for practicing the profession of Insurance Producer.