IA Authority : Registration Renewal For National Insurance Company Branch United Arab Emirates

Organization : Insurance Authority
Type of Facility : Registration Renewal For National Insurance Company Branch
Country: United Arab Emirates

Website : http://www.ia.gov.ae/en/services/Pages/serviceview.aspx?code=110

Registration Renewal For National Insurance Branch:

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

Related : IA Authority Registration Renewal of National & Foreign Insurance Companies UAE : www.statusin.org/10300.html

Service Scope:
** The process includes the responsibilities, duties and documents necessary for the renewal of a branch of a national insurance company.

Input: the renewal application and its attachments.

Output: the registration renewal certificate of a branch of a national insurance company.

Service Workflow and Steps:
** Receiving the application;
** Reviewing the application.
** Payment of the fees.
** Printing the certificate
** Approving the certificate.

Service Conditions:
** Renewal application for the branch on the form designed by the Authority.
** The client must be authorized by the company to complete the transaction.
** To submit the authorization of the director’s signature.

Attachments Required:
** The original of the previous registration (renewal) certificate.
** True copy of the trade license and commercial registration.
** Declaration of no change in the data.
** A true copy of the passport of the director accredited by the Authority.

Service Fees:
Fine fee for late renewal:
AED 1,000 fine for each month subject to a maximum of AED 10,000 for each year. A part of a month shall be calculated as full month

Fee for renewing a national insurance company’s branch: AED 5000 per year

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 for a National Insurance Company Branch Or Or Apply Online

FAQ :
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@ia.gov.ae
e-Services :Eservices.ia.gov.ae