The Insurance Authority in Dubai is the regulatory body for the insurance sector. The laws, rules, and regulations concerning insurance principles and the functioning of insurance companies are enforced by this authority.
A law firm in Dubai can provide you with adequate counseling regarding the specific laws and articles that regulate insurance activities in the Emirates.
Insurance regulations in Dubai
Insurance companies in Dubai are subject to a set or rules not only regarding the types of services they provide and how they serve the interests of the client but also regarding their financial obligations. An insurance company in Dubai must provide the Insurance Authority with relevant information about its assets and liabilities as well as its agents and brokers.
Foreign companies in Dubai that operate in the insurance sector must be registered and licensed. All of their brokers and agents must also hold valid licenses. Reinsurers in Dubai must also be licensed and registered with the Insurance Authority. These types of companies in Dubai are subject to the accounting principles and must submit the needed annual financial statements and records.
Insurance companies in Dubai
According to the insurance law in Dubai, as of 2016, a new health insurance law will apply, making this type of insurance mandatory for all individuals living and working in Dubai. Employers in Dubai will need to make sure that their employees have access to basic health services. The mandatory health insurance applies to all Dubai residents. One of our lawyers in Dubai can give you detailed information about the employment law and the requirements the employer is subject to.
Insurance companies may conclude a number of policies with any individual, according to the types of services they provide and the specific needs of the client. The policy signed between the insurer and the insured must include the contractual terms, the rights, and obligations of each party.
The company registration procedure for an insurance company in Dubai is the same as for any other type of company. Our law firm in Dubai offers complete company incorporation services for national and foreign investors alike.
You can contact our Dubai law firm if you have any questions regarding the laws and regulations in Dubai.