The insurance brokerage in the UAE, like the rest of the
insurance sector, is regulated by the UAE Insurance Authority. This
has merged with the UAE Central Bank, which is now the unified
regulator for the banking and the insurance sector. The regulation
currently providing statutory guidance on licensing and functioning
of insurance brokers in the UAE is the Insurance Authority Board of
Directors Resolution No. 15 of 2013 Concerning Insurance Brokerage
Regulations (Brokers Regulation). Issued in 2013
and later amended several times, clarifying the requirements for
each of the mandatory roles and increasing the capital requirement
to AED 3million for insurance brokers, the Brokers Regulation has
stood the test of time. However, with digitalization of the
insurance sector and disruption of the insurance industry globally
by the insuretechs, an overhaul of these regulations is greatly
needed.
