The Insurance Broker shall comply with the following obligations towards the IA:
 

1. Open an independent account with a bank operating in the UAE to be designated for the financial transactions related only to the Insurance Brokerage business. Such account shall be subject to audit by the IA.
    
2. Complete separation between the Insurance Broker's personal accounts and the accounts related to the Insurance Brokerage practice.
    
3. Refrain from obtaining any interests on the funds deposited in the account of the Insurance Brokerage business, or from holding such funds in the form of time deposits, or to obtain credit facilities or bank loans secured by such funds.
    
4. Maintain the financial solvency required to practice the activity in a manner to ensure the continued performance of its obligations according to the rules set by the IA.
    
5. Abide by the limits of insurance types and classes which the Insurance Broker is licensed to practice.
    
6. Not to manage or bear any insurance risks.
    
7. Conclude Insurance Brokerage agreements with companies; and providing the IA with true copies thereof within a maximum period of one week after the date of their signature, as well as any amendments or alternations thereon once made.
    
8. Conclude at least two Insurance Brokerage agreements with companies within (60) working days after the license date.
    
9. Not to depend only on one company at any time to practice the activity in the UAE.
    
10. Maintain the records, documents, accounts and financial statements that show the Insurance Broker's financial position, transactions, Insurance Brokerage agreements concluded with companies, authorizations issued by Clients, Clients' data, copies of insurance policies issued to such clients, and any other documents or data related to the practice for a period of (10) years, provided that back-up copies of all such statements and documents are maintained for the same period in order to protect the clients’ data and transactions against any causes of damage. The IA shall be allowed access to obtain and review same on demand.
     
11. The fiscal year shall commence on the first day of January and ends on the thirty-first day of December every year, provided that the balance sheet and the closing accounts are prepared in the UAE Dirham.
     
12. The Insurance Broker shall provide the IA with the following reports:
     
    1. A quarterly report signed by the Chairman of the Board of Directors, the Director General or the Chief Executive Officer on the Insurance Brokerage business and the accounts related thereto, to be submitted within a maximum period of 30 days from the end of the quarterly term.
        
    2. An annual report signed by the Board of Directors or Management Board, containing all Insurance Brokerage business carried out by the Broker during the year, and the audited final annual financial statements, enclosing the External Auditor’s Report, to be submitted within a maximum period of 90 days from the end of the fiscal year, as well as providing the Authority with copies of insurance brokerage agreements signed with insurance companies during the fiscal year.
        
    3. Any other reports or statements required by the IA.
        
13. To immediately notify the IA of any change occurring on the data or documents based on which the license was granted within (5) working days from the date of occurrence of such change; and of any deficit affecting its financial position.
     
14. Inform the IA of the content of advertising campaigns to promote its services before presenting to the public.
     
15. Not to publish or promote any incorrect data, information or transactions.
     
16. Insert their name and registration number with the IA on all its papers, correspondence and documents in both Arabic and English languages.
     
17. Not to assign any business carried out by them to another Insurance Broker(s), unless with the consent of the IA, companies, clients or beneficiaries, subject to notifying the IA of the details of such transfer in case of temporary suspension or cancelation of the license, voluntary or due to a penalty.
     
18. Comply with the laws and any decisions or instructions on combating money laundry and terrorist finance.
     
19. Comply with all regulatory rules, procedures and requirements as prescribed by the IA regarding internal controls and the undertakings of the internal auditor.
     
20. Practice the licensed activity with due diligence in accordance with the provisions of the Law and regulations and the conditions and controls based on which the license was issued; observe commercial norms; nurture Clients' interests and abide by the rules of professional conduct and integrity in practicing its activity with the clients, companies and third parties.