دولة اإلما ارت العربية المتحدة هيئة التأمين

Transcription

1 دولة اإلما ارت العربية المتحدة Application form for a license for a foreign insurance company 1. Name of the company:.. 2. Nationality of the company:. 3. Date of incorporating the company:. 4. Paid up capital: 5. Company headquarters address:.. 6. The emirate in which they intend to practice work: 7. Insurance branches permitted for the company to practice in its headquarter: 8. Insurance classes the company intending to practice in the state 9. Number of company's branches outside the location of its headquarter: 10. Expected premium rates to be applied: 11. Volume of reinsurance premium expected to be coded locally from the company's operations abroad :.

2 12. Name of the company rated the company: 13. Rating obtained by the company: Name of the company's representative in the state :. Address: 2

3 The documents required for licensing and registering foreign insurance company First: license 1- Official certificate from the concerned entities of the country in which the company is registered showing: A- The company is incorporated and registered in that country according to the terms of the laws applicable in it. B- The activity permitted to it in that country. C- The legal shape of the company D- The subscribed capital of the company, such that the paid shall not be less than 50 million Dhs. 2- Summary study of the feasibility study for the company to enter the insurance market in the country showing the expected volume of premiums in the country. 3- The decision of the concerned administrative authority in the foreign company to open the branch and conducting the activity in the country and the authorization issued to the company representatives and the applicant, such documents to be legally attested and officially approved. 4- True and correct copy of the contract of association of the company and its articles of association approved by the concerned entities. 5- The last two approved budgets of the company with the report of the accounts auditor, the profit/loss account and the clarifications of the budget certified from the concerned entities. 6- Statement of the insurance branched required to be conducted in the country, showing the general conditions of the insurance operations in such branches. 7- Statement of the advantages, restrictions and conditions included in the insurance policies issued by the company. 8- The companies which wish to perform the two branches of life insurance and composing capitals should have conducted that activity in the head offices for at least 20 years, and shall attach the following in addition to the above mentioned documents: A- Statement of the technical basics of the operations of the two branches of life insurances and composing capitals which the company request conducting. 3

4 B- Statement of the basics of prices of the two branches of life insurance and saving and composing capitals, with a certificate from expert in the mathematics of life insurance, to be registered in the register of the experts of insurance mathematics in the country that the basics, advantages and restrictions of the insurance operations in such branches are correct and can be executed. C- Table of the values of restoring the contracts or reducing them approved b the expert of the mathematics of life insurance, to be registered in the register of experts of insurance mathematics in the country. D- True and correct copy of the scientific certificates and the practical experience certificates approved according to the rules of the concerned administration concerning the life insurance and saving and composing the capitals. E- True and correct copy of the certificate of registering the insurance mathematics expert. 9- Form of each type(s) of the insurance contracts issued by the company. 10- True and correct copy of the classification and evaluation certificate approved according to the rules according to the following : 1-Standard and Pors Minimum evaluation is very strong 11- Undertaking of adherence to the annual gradual table of appointing and training the national citizens. Second : registration 1- The legal shape in which the company operates in the country (branch/agency). 2- Certificate from one of the banks operating in the country of depositing four and half million Dhs for companies operating general insurance and there three million Dhs for companies operating life insurance and savings and funds accomulation, according to the required insurance branch on the form prepared for that. 3- Document showing the names of the officers responsible for running the company branch in the country and the positions 4

5 and limits of their powers and a statement showing entrusting them with the management of the company and signing the insurance contracts. 4- Official certificate showing that no director in the company was judged in a crime against honest or honor and written acknowledgement form each director that he has not been declared bankrupt before. 5- True and correct copy of the agency contract between the company and the local agent in which the area of the agency is determined with a a true and correct copy of the company contract and its certificate of registration in the commercial register and of the identity or registration summary of each partner. 6- The document which proves appointing 10% of the total number of the company staff of the national citizens, with minimum 2 nationals. Remarks: 1- All submitted documents and data shall be in Arabic, if they were in foreign language they should be translated into Arabic and approved from the concerned entities. 2- In case of approving the license the company shall provide the following: A- taking the licensing procedures according to the ministerial decision No. 69 of 1989 appointing the conditions and procedures of licensing the foreign companies to conduct their activities in the country. B- Taking the registration procedures in the insurance companies register 5