Code Of Ethics & Professional Practice For Insurance Companies Operating In UAE

The Insurance Authority has adopted BOD Resolution No. 3 of 2010 in the form of directives pertaining to the Code of Ethics & Professional Practice for Insurance Companies ("Insurers") operating in the UAE.

The Resolution consists of sixteen articles as summarised below.

Article 1 sets out the definitions.

Article 2 confirms that the Decision shall apply to all companies registered with the Authority and operating in the UAE.

Article 3 consists of general provisions that introduce new obligations on Insurance Companies in relation to ensuring that their business and dealings are conducted in good faith; in an environment of disclosure and transparency where best practices are followed and relevant information is relayed clearly and concisely to clients in proper legal terms. Insurers cannot decline an insurance application or refuse to renew an insurance policy or discriminate between insureds without good reason.