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.

1)

The Company shall process Insurance Claims in accordance with the provisions of the Insurance Policies and the legislation in force, by applying the following procedures:

a.

Issuing a decision on any Insurance Claim, in accordance with the directives of the rules of professional practice and ethics.

b.

In the event that any Insurance Claim is rejected, in whole or in part, the Company shall state the reasons for its decision in writing.

2)

If a dispute arises out over an Insurance Claim or if the stakeholder objects to the clarifications provided by the Company, the stakeholder may file a complaint to the Banking and Insurance Dispute Settlement Unit, established pursuant to Article (121) of Federal Decree-Law No.(14) of 2018, referred to hereinabove.

3)

A complaint shall be filed according to the procedures approved by the Banking and Insurance Disputes Settlement Unit.

4)

One or more committees shall be established in the Banking and Insurance Disputes Settlement Unit to settle disputes arising from insurance contracts, insurance business and services. The Board shall issue the necessary decisions determining its competences, powers, rules of procedure, remunerations of its members and the fees it collects, in addition to the decisions related to its formation. The committee shall be headed by a judge with one or more judges selected the by CBUAE as members.

5)

The Company may not challenge the decisions of the committee referred to in Clause (4) above on disputes whose value does not exceed (AED 50,000) fifty thousand dirhams. Such decisions shall be final and enforceable immediately upon their issuance. If the dispute value exceeds (AED 50,000) fifty thousand dirhams, the Company may challenge the committee’s decisions before the Court of Appeal within (30) days, from the date of its issuance or knowledge thereof, otherwise, the challenge shall be inadmissible.

6)

Without prejudice to the provisions of Clause (5) above, the concerned party may challenge the decisions of the committee referred to in Clause (4) above before the Court of Appeal, within (30) days from the date of issuance of the decision or knowledge thereof; otherwise, the challenge shall be inadmissible.

7)

Cases arising from insurance contracts, business and services shall be inadmissible if they are not submitted to the committees formed in accordance with the provisions of Clause (4) above.

8)

The committee’s decisions shall have the force of a writ of execution, and a challenge shall stay the execution of a decision on disputes whose value exceeds (AED 50,000) fifty thousand dirhams.

1)

All data and information related to insurance business and transactions related thereto shall be of a confidential nature. Insurance Company’s employees and Insurance-Related Professionals and their employees are prohibited from giving and disclosing data and information of the Insured or Beneficiaries or enable others to access thereto in cases other than the ones authorized by law. Such prohibition shall survive the termination of the relationship between the Company and the Insured or Beneficiaries for any reason whatsoever.

2)

The prohibition referred to in Clause (1) above shall apply to all entities, Persons and any Person who, due to their work, have access, directly or indirectly, to data and information.

3)

The CBUAE, in its capacity as the competent regulatory authority in the State, shall set the rules and conditions regulating the exchange of data and information being the.

4)

The provisions of Clauses (1) to (3) of this article shall not violate the following:

a.

Competences legally conferred on security and judicial authorities and the CBUAE and its employees;

b.

Duties entrusted to auditors of the relevant establishments;

c.

The right of the entities mentioned in this Clause to disclose all or some data of transactions of their clients necessary under the legislation in force in the State to evidence their rights in a legal dispute that arose between them and their clients in this regard; and

d.

The provisions set forth in the applicable laws and the ratified international conventions, in addition to the special provisions regulating money laundering and combating the financing of terrorism and illegal organizations.

1)

Notwithstanding the provisions of any other legislation, electronic data shall be probative if it complies with the legislative controls related thereto.

2)

The Companies shall keep, for the legally prescribed period, a soft copy of the original books, records, statements, documents, correspondence, telegrams, notices, and other papers related to its business. such electronic copy shall have the same probative force of the original, pursuant to the legislation regulating that.

1)

Subject to the provisions of the Federal Civil Procedure Law, the CBUAE may request to intervene in any lawsuit filed before judicial authorities to which one of its parties is a Company or Insurance- Related Profession.

2)

All entities concerned with the implementation of the provisions of this Decree-Law and other entities shall notify the CBUAE of any investigations or measures taken against any Company or Insurance- Related Profession. The CBUAE may provide such authorities with any clarifications, data or information that it may deem appropriate in this regard.

1)

Observing the principle of reciprocity;

2)

Ensuring that the substance of cooperation does not conflict with the public interest requirements, and public order;

3)

Ensuring coordination with the relevant entities in the State; and

4)

Complying with the provisions of the legislation in force in the State.

1)

The Board shall set the conditions and controls for UAE citizens’ and foreigners’ ownership of the Companies’ shares and the percentages of contribution to the capital thereof.

2)

The Board shall determine the conditions and controls for UAE citizens’ and foreigners’ ownership of insurance-related professions’ legal persons and the percentages of contribution thereto.

1)

Federal Law No. (6) of 2007 Regulating Insurance Business abovementioned shall be repealed, and any provision contravening or conflicting with the provisions of this Decree-Law shall be repealed.

2)

The regulations, resolutions and circulars issued pursuant to the provisions of the abovementioned Federal Law No. (6) of 2007 shall remain effective, in so far as they do not conflict with the provisions of this Decree-Law, until the replacing regulations, resolutions and circulars are issued.