Magazine date:
Feb 2007 The authorities have decided the adoption of 11 amendments of the legislation governing the sector of insurance brokerage.
Among the new measures considered we notice that the amount of bank guaranty required for a brokerage company has risen from 300 000 to 1 million AED (81 200 to 272 000 USD) and from 150 000 to 500 000 AED (40 800 to 136 000 USD) for a branch.
This reform is designed to optimise the sector's professionalism by slowing down the proliferation of small brokers and by consolidating the stability of the insurance market.