Cabinet Resolution Regarding Administrative Fines Imposed by the Insurance Authority

Article-level navigation isn't available for this document — showing the full text as extracted.

Home
Legislations
Cabinet Resolution Regarding Administrative Fines Imposed by the Insurance Authority
Cabinet Resolution Regarding Administrative Fines Imposed by the Insurance Authority

The last update on this law was listed on 06 Jan 2019

Related legislations

Issued Date

06 Jan 2019

Effective Date

15 Apr 2019

Official Gazette Date

15 Jan 2019

Official Gazette No

645

Legislation State

Active

Regulation Table

1

Disclaimer: Every effort has been made to produce an accurate and complete English version of this website/ legislation. However, for the purpose of their interpretation and application, reference must be made to the original Arabic text. In case of conflict, the Arabic text will prevail

Index
Index
Article (1) Definitions
Article (2) Scope of Application
Article (3) Violations and Penalties
Article (4) Grievance
Article (5) Collecting Administrative Fines
Article (6) Issuance of Executive Resolutions
Article (7) Amendment of the Fines Table
Article (8) Repeals
Article (9)
Cabinet Resolution No. (7) of 2019 Regarding Administrative Fines Imposed by the Insurance Authority

The Cabinet:
- Upon review of the Constitution;
- Federal Law No. (1) of 1972 concerning the Competences of Ministries and Powers of Ministers, and any amendments thereof;
- Federal Law No. (6) of 2007 Establishing the Insurance Authority and Regulation of Insurance Operations, and any amendments thereof;
- Federal Law No. (1) of 2011 concerning the Public Revenues of the State;
- Federal Law No. (14) of 2016 concerning the Administrative Violations and Penalties in the Federal Government;
- And upon the approval of the Cabinet;
Resolves:

Article (1) Definitions

In application of Provisions of this Resolution, the following words and phrases shall have the meanings assigned to each of them, unless the context requires otherwise:
State: The United Arab Emirates

Authority: Insurance Authority established by virtue of the Law.

Board: The Board of Directors of the Authority.

Director General: Director General of the Authority.

Company: The insurance company established in the State and the foreign insurance company licensed to practice insurance activity in the State either through a branch or through an insurance agent, including Takaful Insurance Companies.

Person: Natural or legal person.

Insurance Related Professionals: Any person licensed by the Authority to practice any of the activities of an insurance agent, actuary, insurance broker, surveyor and loss adjuster, insurance consultant, health insurance claims management company or any other insurance related profession determined which the Board shall determine its regulation.

Regulations, systems, instructions and resolutions: Any regulation, system, instructions or resolutions issued by virtue of the Law.

Law: Federal Law No. (6) of 2007 Establishing the Insurance Authority and Regulation of Insurance Operations, and its amendments.

Article (2) Scope of Application

The provisions of this Resolution shall apply to any person, company or any of the insurance related professionals in the event of committing any violation referred to in the table attached thereto.

Article (3) Violations and Penalties

1.Without prejudice to any penalty or action stipulated by the Law and other relevant legislation, the Authority may impose the administrative fines listed out in the Table attached to this Resolution on any person who commits any of the violations contained therein.
2.The amount of the administrative fines stipulated in the Table referred to in Item (1) of this Article shall be doubled in the event of repeated violation within one year as of the date of the last violation not exceeding (2) million AED.

Article (4) Grievance

1.Any stakeholder may submit a grievance to the Board against any decision issued pursuant to the provisions of this Resolution, provided that the grievance shall be submitted within a period not exceeding fifteen (15) days as of the date of being notified him of the decision grieved against. The grievance shall be substantiated and accompanied by all supporting documents in accordance with the procedures determined by the Board.
2.The Board shall decide on the grievance in accordance with the procedures it shall issue within a period not exceeding sixty (60) days as of the date of its submission.

Article (5) Collecting Administrative Fines

The Authority shall collect the administrative fines imposed in accordance with the provisions of this Resolution as per the means determined by the Ministry of Finance.

Article (6) Issuance of Executive Resolutions

The Board shall issue the resolutions necessary to implement the provisions of this Resolution.

Article (7) Amendment of the Fines Table

The Table attached to this Resolution shall be considered an integral part thereof. The Cabinet may make any amendment to the administrative violations and fines contained therein, by adding, deletion or amendment.

Article (8) Repeals

Any provision contrary to or inconsistent with the provisions of this Resolution shall be repealed.

Article (9)

This Resolution shall be published in the Official Gazette and shall come into force three months after the date of its publication.

To view tables and schedules,

please click here

Translated in cooperation with
</content>