Article 1 Definitions
IA-BOD-RES 15/2013 Effective from 9/10/2013Unless the context otherwise requires, the following words and expressions shall have the meanings ascribed thereto below:
| The State / UAE | : The United Arab Emirates. |
| The Law | : The Federal Law No. 6 of 2007 concerning the Establishment of the Insurance Authority and the Regulation of Insurance Business. |
| Implementing Regulations | : The implementing Regulations of the Law. |
| IA | : The Insurance Authority. |
| Board | : The Board of Directors of the Insurance Authority. |
| Director | : The Director General of the Insurance Authority. |
| Free Zone | : Any financial free zone established in the UAE pursuant to the provisions of the Federal Law No. 8 of 2004 concerning the Financial Free Zones. |
| Company | : An insurance company incorporated and licensed to practice insurance activities in the UAE, or a foreign insurance company licensed to practice insurance activities in the UAE, whether through a branch or an insurance agent. |
| Client | : A person for whom the Insurance Broker practices the Insurance Brokerage business in accordance with the provisions of these Regulations. |
| Insurance Policy | : The contract concluded between the Company and the Client containing the rights and obligations of each party or the rights of the Beneficiary and any endorsement thereto. |
| Beneficiary | : A person who acquires the insurance policy rights from the beginning, or to whom such rights have been legally transferred. |
| Insurance Brokerage | : Intermediation (brokerage) in insurance and reinsurance transactions between the Company and the Client in return for a commission paid by the Company. |
| Insurance Broker | : A juridical person licensed by the IA to practice the Insurance Brokerage activity. |