IA Authority : Registration Renewal of National & Foreign Insurance Companies United Arab Emirates

Organization : Insurance Authority
Type of Facility : Registration Renewal of National & Foreign Insurance Companies
Country: United Arab Emirates

Website : http://www.ia.gov.ae/en/services/Pages/serviceview.aspx?code=108

Registration Renewal of National & Foreign Insurance Companies:

Service Description:
A process whereby the registration is renewed for an insurance company established in the UAE and a foreign insurance company licensed to practice the activity in the UAE, either through a branch or through an insurance agent.

Related : IA Authority Study Permit Application Insurance Company/ Gulf : www.statusin.org/10297.html

Service Scope:
The process includes the responsibilities, duties and documents necessary for the renewal of insurance support service providers.

Input: the renewal application and its attachments submitted by the insurance support service provider.

Output: the renewal certificate.

Service Workflow and Steps:
** Receipt of the renewal fees.
** Approval of the application and issuance of the registration renewal certificate.

Service Conditions:
** The renewal application on the form designed by the Authority approved by the authorized signatories.

Attachments Required:
** True copy of the trade license and commercial registration.
** Reinsurance policy for the coming financial year.
** The original previous Registration (Renewal) Certificate.
** Declaration that the data will not be changed.
** The client must be authorized by the company to complete the transaction.

Service Fees:
** Fee for renewing the insurance company registration: AED 10,000 per year.
** Fine fee for late renewal: AED 2,000 fine for each month subject to a maximum of AED 20,000 for each year. A part of a month shall be calculated as full month.

Service Duration Time:
Estimated time of submission of the application till the completion of service delivery take 20 minutes, from the time that application was submitted.

Service Forms:
Download Form Registration Renewal of Insurance Companies Or Or Apply Online

FAQ :
What is insurance?
Insurance is a process whereby a party called “the Insurer” undertakes to another party called “the Insured”, against a premium payable by the latter, that “the Insurer” shall compensate “the Insured” for the loss that “the Insured” may incur in the case of a risk is realized.

What is the difference between the insurance contract and insurance policy??
** The insurance contract: It is a contract under which the Insurer commits to pay to the Insured or the named beneficiary a sum of money, income salary or other financial indemnity in the event of an accident or the Insured risk is realized, in return for premiums or any other financial payments to be made by the Insured to the Insurer.

** The policy: is the insurance document that proves the insurance contract

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.

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