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Thursday 13 June 2024


Thursday 13 June 2024

The CBUAE issues its 2023 Annual Report

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Register Corporate Insurance Agency

A process whereby the company of the person approved by the insurance company and authorized to practice insurance business on its behalf or on behalf of one of its branches is registered.

 

Target Audience:

Insurance Agent

 

Office location: Abu Dhabi/ Dubai

Department/Section: Licensing  division

Contact Person: Licensing  division

Phone: 80042823

Fax: 97125572111

Email: [email protected]

Electronically submit the application on the system, by user name and password. In the event that the user is new he shall send an email letter requesting a user name and password
Complete the service form and upload it along with the documents in the electronic system
The completed application is reviewed and approved
The technical staff (key employees) shall be interviewed in the Authority’s headquarters
Pay the fees through e-services or through a smartphone application. In case the applicant is applying in person: Payment can be made through the electronic screen at the Customer Service Center in the Authority; and in case of a system breakdown: Payment can be made by e-Dirham or credit card at the Authority
The customer prints the Registration Certificate

 

Service Fees:

Fee for the registration of an insurance agent company:  AED 10,000 once at the time of extract printout.

Submit the application electronically
Pay the fees

 

Attachments Required

  1. True copy of the memorandum of association and articles of association of the corporate person and the names and shares of the partners.

  2. True copy of the certified agency contract concluded between the insurance agent and the company.

  3. An undertaking to submit a copy of the certificate of registration in the Commercial Register issued by the competent authorities.

  4. A detailed statement of qualifications and experience of the officials of the corporate person in the insurance field and financial and technical areas.

  5. Qualifications and experience of the manager in charge of the corporate person, duly authenticated.

  6. True copy of the decision of the management board of a foreign insurance company at its main office stating that the authorized director in the UAE is empowered to open agencies in the UAE.

  7.  The paid-up capital may not be less than five hundred thousand Dirhams.

  8. The capital must be fully-owned by citizens of the UAE. Banks licensed to operate in the UAE are exempted from this condition. The Board may also exempt any other company of this condition for reasons of public interest requirements.

  9. The manager in charge must satisfy the conditions that should be met by an individual agent.

  10.  Be at least (21) calendar years old, and have full legal capacity.

  11. Hold as minimum the general secondary certificate and a diploma in insurance from an institute recognized of the Authority.

  12. Have at least two years of practical experience in insurance business with an insurance company.

  13. Have attended training courses as determined by a decision from the Director-General.

  14. Must practice the profession on full-time basis.

  15. Be of good conduct and behavior and should not have been sentenced in a felony or misdemeanor involving moral turpitude or dishonesty, or declared bankrupt, unless rehabilitated.

  16. Not responsible, at the discretion of the Board, for a gross violation against any law or the provisions of the Companies Law in his capacity as general manager, chief executive officer, chairman or a member of the board of directors of a company, including liability for causing the mandatory dissolution and liquidation of the company.

  17. His/her registration to practice the business of insurance agent or broker, reinsurance broker, actuary, insurance consultant or any insurance-related profession should not have been canceled or suspended in the past because of a disciplinary punishment.

  18. Must successfully pass the tests at the Authority.

Estimated time from the submission of the application until the completion of the service: 15 days from the date of submitting the complete application.

Total transactional number

Service Name

Register Corporate Insurance Agency

Service Category

Insurance Services

Service Type

Companies Business Services

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Last updated on: Thursday 23 February 2023

Total visitors 800