The authorities have published a bill governing brokerage business. According to this decree, the brokers established in the country will be required to have a capital worth 5 million AED (1.36 million USD) compared to the 10 million AED (2.72 million USD) required from those brokers registered abroad. Qualifications wise, brokers must be holders of a diploma from UK’s Chartered Insurance Institute or an equivalent degree. Moreover, they are required to sit for an exam defined by the regulators. Annual accounts must be ratified by a licensed chartered accountant. Insurers will not be authorized to operate unless they deal with authorized brokers, nor will they be able to benefit from exclusive relations with one of them. No mention was made of the date when this decree shall come into effect.
