Cabinet Decision No. 23/2009
Fees for Supervision, Control and Insurance Transactions
The Cabinet:
Having perused:
The Constitution,
The Federal Law No. 1/1972 concerning the Functions of Ministries and Powers of Ministers, and the amending laws thereof;
The Federal Law No. 8/1984 concerning Commercial Companies, and the amending laws thereof; The Federal Law No. 5/1985 promulgating the Civil Transactions Law, and the amendments thereof;
The Federal Law No. 18/1993 promulgating the Commercial Transactions Law;
The Federal Law No. 6/2007 on the Establishment of the Insurance Authority and the Regulation of Insurance Business; and
Based on the recommendation of the Chairman of the Board of Directors of the Insurance Authority and the approval of the Cabinet,
Has decided:
Article 1
In the application of the provisions of this Resolution, the following words and expressions used in this Resolution shall have the meanings ascribed thereto in Article 1 of Federal Law No. 6/2007 on the Establishment of the Insurance Authority and the Regulation of Insurance Business, unless the context otherwise requires:
Article 2
The Insurance Authority (IA) shall collect annual fees from the insurance companies for the supervision and control thereon, provided that such fees shall be calculated based on the total written premiums net of the locally incoming reinsurance premiums, as follows:
- Life insurance and fund Accumulation 0.002
- Health insurance 0.004
- Property and liability insurance 0.005
Article 3
The IA shall collect fees from the insurance companies and professions associated with insurance for transactions and services provided to them by the IA according to the annexed table.
Article 4
This Resolution shall take effect as of the date of issuance thereof. The competent authorities must implement this Resolution, each within the scope of its respective competence.
Article 5
This Resolution shall be published in the Official Gazette and any provision in contrary thereto or inconsistent therewith, shall be annulled.
Issued by us
On 6 Rajab 1430H
Corresponding to 29/07/2009
Mohammed Bin Rashid Al Maktoum
Prime Minister
