Administrative Decision No. 15/2014

On the Data and Information Listed in the Register of Insurance Companies and Related Occupations

The Minister of Economy - Chairman of the Board of Directors of the Insurance Authority

 Pursuant to the perusal of Federal Law No. (1) of 1972 on Competencies of the Ministries and Powers of the Ministers and its amendments;

Federal Law No. (6) of 2007 on the Establishment of the Insurance Authority and Regulation of its Operations, its amendments and its implementing regulation; and

Based upon the proposal made by the director general of the Authority and the work interest requirements,

Issued the following Decision:

Article 1

The following particulars shall be provided in the Register of Insurance Companies and Related Professions in accordance with Federal Law No. 6 of 2007 on the Establishment of the Insurance Authority and the Organization of its Operations, its amendments, implementing regulation in addition to the regulations and instructions issued implementation thereof:

1- Name and address of the company

2- Nationality of the company

3- Legal form

4- Authorised capital of the company

5- Paid up capital of the company

6- Licensed insurance types and branches

7- Chairman and members of the board of directors and their nationality

8- Members of the Sharia Control Committee (SCC)

9- Articles of incorporation and statute

10- Insurance branch or agency (for foreign companies)

11- Names of principle officers

12- Certificate from a bank licensed in the State, indicating the deposition of the legal deposit

13- Certificate authenticated by the competent authorities in the State wherein the foreign company is registered, showing that such company is incorporated and registered in said State in accordance with the provisions of the applicable laws provided that the activity that it is licensed to practice in said State, the legal form, the subscribed and paid up capital, the names of representatives in charge of the management of the company's branch in the State and well as the centers as well as the scopes and limits of their competence.

Article 2

The fees prescribed in Cabinet Decision no. 23 of 2009 on the Charges of Supervision, Control and Insurance Operations shall be charged on the application for notation of amendment of the data mentioned in Article 1 of the present Decision.

Article 3

All the competent authorities, each within its competence, shall implement the present Decision and it shall come into force from the date following the date of its publication in the Official Gazette.

Issued in Abu Dhabi

On 28/Shaaban/1435 H

Corresponding to 26/06/2014

Engineer/ Sultan bin Saeed Al Mansouri

Minister of Economy - Chairman of the Board of Directors

This Decision was published in the Official Issue No. 567, P. 337.