1)

Pursuant to the provisions of this Decree-Law, a professional union shall be established called (Emirates Insurance Federation), which shall have the legal personality and legal capacity necessary to carry out all actions and dispositions that ensure achieving its objectives.

2)

All Companies and Insurance-Related Professionals must become a member of the Emirates Insurance Federation, in accordance with the controls and procedures to be determined by a resolution of the Board. The Federation shall establish committees for various insurance activities practiced by the members.

3)

The CBUAE shall supervise the business of the Emirates Insurance Federation and approve its articles of association, which define its tasks, responsibilities and relationship with the CBUAE, and shall establish its committees related to various insurance activities, and the provisions relating to its general assembly, and composition of its board of directors and meetings thereof, fees of membership, annual subscription, rules for practicing the profession, disciplinary procedures against its members, and other provisions regulating its affairs

4)

The Emirates Insurance Federation shall replace all the Emirates Insurance Society, established under Federal Law No. (6) of 2007, referred to hereinabove, and all contracts, rights and obligations related to the Emirates Insurance Society shall devolve to the Federation.The Emirates Insurance Society’s staff shall be transferred to the Emirates Insurance Federation, without prejudice to the acquired rights to any of them.

5)

The legislation, policies, statutes and regulations applicable to the Emirates Insurance Society shall apply to the Emirates Insurance Federation, in a manner that does not conflict with the provisions of this Decree-Law, until the replacing ones are issued.