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On the Amendment of Certain Provisions of Federal Law No 6/2007 on the Establishment of the Insurance Authority and Regulation of Insurance Operations
Number: Federal Law No. 5/2012 Issued On: 10 Oct 2012 Type: Federal Law

Federal Law No. 5/2012

On the Amendment of Certain Provisions of Federal Law No 6/2007 on the Establishment of the Insurance Authority and Regulation of Insurance Operations

Amending

Federal Law No. 6/2007 dated 05/02/2007

We Khalifa Bin Zayid Al Nahyan, President of the State of the United Arab Emirates,

Pursuant to the perusal of the Constitution; and

Federal Law No. 1/1972 on the jurisdictions of ministries and competences of ministers and the amending laws thereof; and

Federal Law No. 6/2007 on the establishment of the Insurance Authority and regulation of insurance operations; and

Federal Decree-Law No. 5/2011 on the regulation of the boards of directors, boards of trustees and committees in the Federal Government; and

Upon the proposal of the Minister of Economy, the approval of the Cabinet and the Federal National Council and the ratification of the Federal Supreme Council,

Have issued the following Law:

 

Article 1

The provisions of Articles 9 and 19 of Federal Law No. 6/2007 on the establishment of the Insurance Authority and the regulation of insurance operations shall be replaced by the following provisions:

 

Article 9

The Authority shall have a board of directors formed of the chairman and a number of members who shall be appointed by virtue of a resolution issued by the Cabinet. The candidates for membership of the Board of Directors shall have no kind of conflict of interests in the membership thereof throughout the mandate thereof. The resolution on the formation of the Board shall specify the number of members, remunerations and mandate thereof.

The Board, in the first session thereof, shall elect a vice-chairman to replace the chairman in case of absence or disability of the latter.

 

Article 19

The revenues of the Authority shall be composed of the following resources:

  1. Any amounts allocated for the Authority by the Government.
  2. Fees collected by the Authority.
  3. Grants, subsidies, donations and subventions accepted by the Board of Directors in accordance with the objectives of the Authority.
  4. Any other resources approved by the Board.

 

Article 2

Every provision contravening or contradicting with the provisions of the present Law shall be abrogated.

 

Article 3

The present Law shall be published in the Official Gazette and shall come into force on the day following the date of publication thereof.

Issued by Us in the Presidential Palace in Abu Dhabi

On 24 Dhu Al-Qi'da 1433 AH

Corresponding to 10/10/2012 AD

Khalifa Bin Zayed Al Nahyan

President of the United Arab Emirates State

The present Federal Law was published in the Official Gazette, issue no. 542.