No person shall practice the business of Insurance Agent unless registered in the Register with the IA in accordance with the conditions and terms set forth in these Instructions and resolutions issued pursuant thereto.
The Company must be licensed and registered in the Register of Insurance Companies with the IA to practice the insurance business in the UAE.
The Company may not contract with any person to authorize such person to practice insurance business as agent thereof, unless such person is an Insurance Agent registered in the Register.
An Insurance Agent may not be an agent for more than one insurance company.
An Insurance Agent may not practice its business unless such Insurance Agent has an agency contract to practice the insurance business, such contract must include the condition mutually agreed between him and the Company registered in the Register of Insurance Companies in the State. A copy of the agency contract shall be submitted to the IA.
The Insurance Agency shall be personal and the Insurance Agent may not assign it or authorize a third party to practice the insurance business for which he is the agent. The business of the Insurance Agent shall be limited to practicing insurance agency business.
An Insurance Agent may not practice the profession of an insurance broker.