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U.A.E. issues new insurance law for brokers

December 16, 2013 - 6:00am

The United Arab Emirates has issued new insurance law for brokers, bringing significant changes to the paid-up capital and professional indemnity requirements, Gulf News reported.

The law has raised the minimum paid up capital for brokers to 3 million U.A.E. dirhams ($816,900) from the previous AED 1 million ($272,300).

But the law does not make any change on premium collected by brokers from clients and which they need to deposit with the respective insurers.

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