Organization : Insurance Authority
Type of Facility : Study Permit Application Insurance Company/ Gulf
Country: United Arab Emirates
Website : http://www.ia.gov.ae/en/services/Pages/serviceview.aspx?code=102
Study Permit Application Insurance Company Or Gulf:
Service Description:
A process in which to apply for a license for the study of the insurance company
Related : IA Authority Registration Renewal For National Insurance Company Branch UAE : www.statusin.org/10303.html
Service Scope:
The process involves the responsibilities, tasks and documents necessary to license providers of insurance services support.
Input: is the license applications and attachments that providers of insurance services support
Output: the book is a license and license card as appropriate
Service Workflow and Steps:
** Receipt of the request
** Review the request
** Pay the fees
** Recieve the study result
Service Conditions:
** Order a study prepared by the Licensing Authority
** To attend the signing of the adoption of the Director
** The Customer has authorized person from the company to complete the transaction
** Pay the fees
Service Fees:
Drawing study License Application insurance company: 10,000 dirhams time when extraction
Service Duration Time:
Estimated time of submission of the application and until the completion of the service: 5 working days
Service Forms:
Download Form Only available in arabic Or Or Apply Online
What is a premium?
The premium is an amount of money which the Insured is committed to pay in a single payment or successive payments to the Insurer in return for the latter’s commitment to assume liability for the risks insured.
A premium in insurance is a key element and an obligation of the Insured which is incorporated into the contract structure. It makes the insurance contract commutative. Furthermore, the premium is as important as the risk; no insurance without risk and no insurance without premium.
The installment is legally the reason for the Insurer’s obligation to insure the risk; and technically, Insurers depend on installments to settle disaster claims.
What is the deductible amount in insurance?
It is the portion of a loss borne by the Insured when the risk occurs
What is the purpose of insurance?
** Provides peace of mind.
** Provides economic protection for members of the community.
** Protects the national economy.
** Creates financially solvent party capable of tolerating the risk and pay compensation.
What are the most important types of insurance?
1) Insurance of human lives and fund accumulation operations. (Life insurance, health insurance, fund accumulation operations)
2) Property Insurance. (motor insurance, fire insurance, marine insurance, etc.)
3) Liability Insurance. (Third Party Liability for vehicles, personal accident insurance, employer liability insurance, insurance of trains, insurance of cash, etc.)
What is the difference between traditional insurance, cooperative insurance and Takaful insurance?
Traditional Insurance :
** It is often practiced by public shareholding companies established by shareholders, and therefore they have capital and seek to make a profit for their shareholders.
** The insurance premiums they collect are always fixed premiums.
** The aggregate assets of the company constitute the guarantee for the rights of policyholders.
Cooperative Insurance :
** It is practiced by mutual insurance associations (or associations of mutual form) whereby the members of the association identify the risks they face and collect contributions (which were variable as per the loss ratio then they became fixed later).
** Such associations do not operate for profit and do not have capital (except for associations of the mutual form, which have assets (Fond d’etablissement) and their members act as the insurer and the insured at the same time.
** These entities have evolved after they underwrite insurance business for non-members and become a strong competitor to insurance companies.
Takaful (Islamic insurance) :
** The companies engaged in this type of insurance hybrid entities.
** On the one hand, there is a (joint stock) company and there are shareholders who have established the company with the aim of making profit, on the other hand, there are the (participants) Insured who pay contributions to form the (participants’ fund) versus (the shareholders’ fund) .
** The participants’ fund is supposed to pay compensation owed to the participants.
** In the case of insufficient money in the fund, the shareholders’ fund is supposed to provide a Qard Hasan (i.e. interest-free loan) to the participants’ fund.
** The loan will be refunded from the surplus which the participants’ fund may realize in the future.
** In the case of a surplus is realized, it should be distributed to the participants or credited to their accounts to pay future contributions.
** The relationship between the participants’ and the Takaful company is based either on Wakala or Wakala and Mudaraba together (Wakalah to manage the insurance business) and (Mudaraba to manage investment business for the money accumulated in the participants’ fund).
Office Hours : 7:30 AM to 2:30 PM
Office Location : Abu Dhabi/ Dubai
Department/Section : Licence & Registration Office
Contact Person :
License & Register Office Manager
Phone : 0097124990111
FAX : 0097125572111
Email : ia AT ia.gov.ae
e-Services: Eservices.ia.gov.ae