The UAE Insurance Authority issued Board of Directors'
Resolution No. (14) of 2020 on the Amendment of Some Provisions of
the Insurance Authority Board of Directors' Resolution No. (15)
of 2013 Concerning Insurance Brokerage Regulations dated 30 March
2020 ("the Resolution").
The Resolution allows, subject to a submitted application and
consent of the Insurance Authority for licensed UAE insurance
brokers to reduce their prescribed regulatory capital by AED 1
million. These supplements the provisions of Article 11 of the
Insurance Authority Board of Directors' Resolution No. (15) of
2013 Concerning Insurance Brokerage Regulations ("the Brokers
Regulation").
The Insurance Authority shall consider the request and make a
decision on such a reduction. The Resolution sets out the
requirements that insurance broker must satisfy, which are as
follows:
