Insurance Authority Board of Directors’ Decision No. (40) of 2019 Concerning the Amendment of Certain Provisions of the Insurance Authority Board Decision No. (3) of 2010 On the Instructions Concerning the Code of Conduct and Ethics to be Observed by Insurance companies operating in the UAE

Chairman of the Board of Directors of the Insurance Authority,

Having perused:

- The Federal Law No. (6) of 2007 concerning the Establishment of the Insurance Authority and the Organization of Insurance Operations, the amendments thereof and its Executive regulations;
- The Federal Law No. (2) of 2015 On Commercial Companies;
- The Federal Law No. (5) of 1985 Concerning the Promulgation of the Civil Transactions Law;
- The Federal Law No. (18) of 1993 Concerning the Promulgation of the Commercial Transactions Law;
- The Insurance Authority Board Resolution No. (3) of 2010 On the Instructions Concerning the Code of Conduct and Ethics to be Observed by Insurance Companies Operating in the UAE;
- And, based on the proposal of the Director General of the Insurance Authority and the approval of the Insurance Authority Board of Directors,

Has decided:

Article (1)

1. The phrase "and Insurance-Related Professions" shall be added to the title of the Board of Directors of the Insurance Authority Resolution No. (3) of 2010 on the Instructions Concerning the Code of Conduct and Ethics to be Observed by Insurance Companies Operating in the UAE so that the title shall read as follows:
   
   “The Insurance Authority Board Resolution No. (3) of 2010 On the Instructions Concerning the Code of Conduct and Ethics to be Observed by Insurance Companies and Insurance-Related Professions Operating in the UAE”

Article (2)

The following shall be added to Article No. (1) “Definitions”:

1. The phrase " including insurance-related professions where necessary” shall be added to the definition of “Company”, so that the definition of a Company shall read as follows: -
   Company: An insurance company incorporated in the State and a foreign insurance company licensed to operate in the State either through a branch or an insurance agent, including insurance-related professions where necessary.
   2. The definition of Insurance-Related Professions shall be added as follows:
   Insurance-Related Professions: Any person licensed by the Authority to practice any of the activities of Insurance Agent, Actuary, Insurance Broker, Surveyor & Loss Adjuster, Insurance Consultant or any other insurance-related profession that the Board decides to regulate.

Article (3)

The text of Article No. (2) “Scope of Application” shall be replaced by the following:

1. The provisions of these Instructions shall apply to all companies registered by the Insurance Authority and operating in the State and which are marketing their products and services, directly or indirectly, thought an insurance agent or insurance broker.
2. The provisions of these Instructions shall apply to insurance-related professions licensed and registered by the Insurance Authority, to the extent appropriate to the nature of the business of each profession.

Article (4)

Insurance-related professionals shall rectify their status in accordance with the provisions of this Decision within one month as from the date of its publication.

Article (5)

This Decision shall be published in the Official Gazette and shall come into force as from the day following the date of publication.