UAE Statutory Provisions

Insurance industry in the United Arab Emirates are regulated by the following statues, namely:-

1.  Federal Law No. 19 of 1984
     Law on Insurance Companies and Agents.

2.  Ministerial Resolution No. 54 of 1987
     Introduced Unified Motor Insurance Policy across the country.

3.  Federal Law No. 21 of 1995
     Requiring mandatory insurance against Motor third party liability for owners and operators of Motor Vehicles.

4.  Federal Law No. 16 of 2006
     Allowing 25% ownership for foreign companies in Public Joint Stock Insurance Companies.

5.  Ministerial Resolution No. 543 of 2006
     On organisation of the profession of Insurance Brokers.

6.  Federal Law No. 6 of 2007
     Effective 28th August 2007, this law seeks to deal with the incorporation of Insurance Regulatory Authority.

7.  Federal Labour Law No. 8 of 1980
     Regulation of Labour relations.
Sreekrishnan Narayanan,
Mar 13, 2010, 12:15 PM
Sreekrishnan Narayanan,
Mar 13, 2010, 12:15 PM