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Article (18) Powers of the Central Bank

The Central Bank may decide to:

18-1

set caps on Remuneration (for certain lines of business);

18-2

liquidate bank guarantees for Insurance Brokers who are not able to meet their liabilities; and

18-3

increase or decrease the minimum capital and bank guarantee requirements for Insurance Brokers, depending on the nature, scale, complexity of their operations and their ability to meet their liabilities, on a case-by-case basis.

18-4

increase the minimum percentage of the UAE national shareholding requirements to the total paid up capital of the Insurance Broker.