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  • Chapter One

    • Article (1) Definitions

      The following words and expressions wherever they are stated in the executive Regulation herein shall bear the meanings beside each of them unless the context provides otherwise:

      State:
             		The United Arab Emirates.
       
      Law:
             		The Federal Law No. 6 of 2007 on Establishment of the Insurance Authority and Organization of the Insurance Operations.
       
      Ministry:
             		The Ministry of Economy.
       
      Minister:
             		The Minister of Economy.
       
      Authority:
             		The Insurance Authority established by virtue of the provisions of the Law.
       
      Board:
             		The Insurance Authority's Board of Directors.
       
      Chairman:
             		The Chairman of the Board.
       
      Director General:
             		The Director General of the Insurance Authority.
       
      Company:
             		The insurance company incorporated in the State and the foreign insurance company licensed to carry out insurance activities in the State either through a branch or an insurance agent.
       
      Insurance Agent:
             		The person approved and authorized by the company to carry out insurance operations on behalf of the company or any of its branches.
       
      Insurance Broker:
             		The person who independently intermediates in insurance and re-insurance operations between the applicant of the insurance or re-insurance on one side and any insurance or re-insurance company on the other side and receives for his efforts commission from the insurance company or the re-insurance company with which the insurance or the re-insurance has been accomplished.
       
      Actuary:
             		The person who estimates values of the insurance contracts, documents and the related accounts.
       
      Register:
             		The register of the insurance companies.
       
      Authorized Manager:
             		The person appointed by the foreign insurance company to manage its branch in the State.
       
      Senior Official of the Company:
             		The person who occupies the post of executive president or general manager, authorized manager or deputy general manager, assistant general manager, chief executive of operations, chief executive of finance, or managing director.
       

    • Article (2) Scope of Applicability

      1. The provisions of the Regulation herein shall apply to all the insurance companies incorporated in the State and the foreign insurance companies licensed to perform their activities in the State including those companies engaged in the operations of cooperative insurance and Takaful insurance or operations of reinsurance and the professions associated with the insurance.
         
      2. The provisions of the Regulation herein shall not apply to the companies operating in the free zones in the State unless specifically provided for in the Law.