Insurance Authority is established by virtue the Federal Law No.6 of 2007
entertaining the status of a legal person with financial and administrative
independent budget subjoined to the State’s budget.
The Authority aims at organizing and overseeing the insurance sector in a way
that would ensure suitable environment to develop it and enhance the role of
the insurance industry to secure lives, properties, and liabilities against
risks in order to protect the national economy; collect, develop, and invest
the national savings to sustain the economic development of the State;
encourage fair and effective competition; provide the best insurance services
in competitive premiums and coverage, and Emiratize the insurance markets jobs
and for the cause the Authority shall carry out the following duties:
· Protecting the
rights of the insured and the beneficiaries of the insurance operations and
monitoring solvency of the companies to avail satisfactory insurance coverage
in order to protect these rights.
performance and efficiency of the insurance companies and binding them to
observe the profession's code and rule of conduct to enhance their capabilities
to render the beneficiaries of the insurance the best services and attain
efficient and qualified human resources to carry out insurance operations
including establishment of an institute for the purpose in cooperation and
collaboration with Emirates Insurance Association (EIA) according to the
programs and plans to develop the insurance sector in all aspects and enhancing
insurance awareness, preparing studies and researches relevant to the insurance
operations and disseminating the same.
cooperation and integration ties with the authorities organizing insurance
sector at both the Arab world and International levels.
applications to establish, open branches and representative offices for
insurance and re-insurance companies, insurance brokers and the professions
related thereto and issuing them the necessary licenses.
· Identifying the
risks which shall be compulsorily insured.
unified tariffs of certain types of insurances and of those one enlisted there
under in cases the public interest would require.
Any other assignment relevant to organizing the insurance sector as resolved by the Board.