The UAE is one of the greatest financial centers in the Middle East which is why the insurance and reinsurance industry is one of the most developed sectors in Dubai. The main law covering insurance and reinsurance companies in the UAE is Federal Law No.6 related to the Establishment of the Insurance Authority and Regulation of Insurance Operations. This law is shortly known as the Insurance Law.
One of the most prolific free zones in Dubai which encourages the establishment of financial companies, including insurance one is the Dubai International Financial Centre Free Zone (DIFC) which has its own laws and regulations related to opening insurance companies.
Our company registration agents in Dubai can offer comprehensive information about the regulations imposed in the insurance sector imposed in this emirate.
Types of insurers in Dubai
There are various types of insurers allowed to operate in Dubai. These are:
- insurance companies;
- insurance agents;
- insurance brokers;
- insurance consultants;
- loss and damage adjusters.
In order to start a business in the insurance industry in Dubai, one must first register with the Dubai Economic Department and then obtain a license from the Insurance Authority. The operating license is issued according to the type of services provided.
Our company incorporation consultants in Dubai can assist with the company formation process when establishing a company in the insurance sector.
Licensing requirements in the Dubai insurance sector
In order to establish a company in the insurance industry in Dubai, no matter the type of insurer, one must prepare the documents of incorporation and a set of other relevant documents related to the activity to be provided. The only difference between businesses in the insurance sector is the bank guarantee which in the case of insurance brokers is 3 million AED. However, all insurance companies in Dubai must have special electronic systems through which they will offer their services.
Considering in the case of insurance agents and insurance consultants, both Dubai companies and individuals can apply for a license, the licensing fee and requirements are different.
For full information on how to establish a company in the insurance sector in Dubai, please feel free to contact us. Our Dubai company formation representatives can also help you open insurance companies in the emirate’s free zones.