Skip to main content
Entire section Custom print Text Only Rich Text Print

Article (38): Bank Deposit Amount

Every Insurance Company shall make a cash deposit in a bank operating in the State, as a security for implementing its obligations set forth in this Decree-Law, the amount of which shall be determined as follows:

1)

(AED 4,000,000) four million dirhams for person and fund accumulation insurance referred to in Clause (1) of Article (4) above.

2)

(AED 6,000,000) six million dirhams for property and liability insurance referred to in Clause (2) of Article (4) above.

By virtue of a resolution of the Board, the amount of the deposit referred to in Clauses (1) and (2) above may be increased. The deposit shall be made to the order of the Governor.