Insurance Comparative Guide

1 Legal framework

1.1 Which legislative and regulatory provisions govern the insurance sector in your jurisdiction?

Several laws and regulations govern the insurance sector in the United Arab Emirates.

Part 3 of Chapter 4 (Articles 1026–1055) of Federal Law 5/1985 on Civil Transactions ('Civil Code') sets out among other things:

• the basic essence of an insurance contract; and
• the obligations of the insurer and the insured under the insurance contract.

However, the main law setting out guidelines for the insurance sector in the United Arab Emirates is Federal Law 6/2007 on the Establishment of the Insurance Authority and Organisation of its Operations. Among other things, this law: