The Insurance Broker may not open branches thereof in the UAE unless after obtaining the IA approval for each individual branch according to the following conditions:
A decision is taken by the board of directors or management board of theInsurance Broker to open a branch thereof.
The appointment of an officer in charge of the branch who must satisfy the conditions stipulated in the rules issued by the Director. The branch officer shall submit an acknowledgment that he/she is fully responsible for of the actualmanagement of the branch.
The new branch shall operate under the direct supervision of the General Director or Chief Executive Officer in the headquarters of the Insurance Broker.
Provide the title deed of the branch premises or the lease thereof approved by the competent authorities;
Submit a statement showing the technical equipment available in the branch, as well as a list of the names of the branch employees and their job titles.
A minimum period of two years has elapsed since the Insurance Broker waslicensed during which the Insurance Broker must have actually practiced the activity and have not been subject to any administrative fines or penalties.
Obtain the approval of the competent authority in the relevant Emirate.
The volume of premiums achieved by the Insurance Broker during the fiscal year preceding the application for approval must be at least AED 3,000,000.
The legal representative of the Insurance Broker shall apply for branch opening using the form designated for this purpose enclosing the supporting information, data and documents, as well as a proof of full payment of the prescribed fees. The IA shall issue its decision approving or rejecting the opening the branch within (20) working days as from the date of submitting the complete application to the IA. The branch registration shall be renewed under an application to be submitted to the IA after ensuring that the Insurance Broker has continued comply with the provisions of these Regulations and full payment of the prescribed annual renewal fees.
All the provisions stipulated herein shall apply to the activity of the branch.
The Insurance Broker may request the closure of a branch, and the IA shall issue its decision approving the closure of the branch within 20 working days as from the date of submitting the complete application to the IA.
Without prejudice to the penalties stipulated herein, the IA may cancel the approval issued for the branch in case the branch lost any of the conditions whereupon the approval decision was issued, or in case the branch has violated any provisions of the Law, regulations, instructions, resolutions and circulars issued in implementation thereof.