UAE: New rules for insurance sales centres
Source: Middle East Insurance Review | Dec 2017
The Insurance Authority (IA) has issued a decree on the licensing and registering of sales centres of insurers operating in the UAE.
Under the new regulations, insurers need to obtain the approval of the IA to open a sales centre. Documents supporting the application need to state the branches of insurance which the sales centre will operate in and the tasks it will undertake. Insurers also have to submit a business plan, a detailed statement of the qualifications and experience of the candidate to occupy the position of the sales centre officer and any details that may be requested by the IA.
Operations of the sales centre can include motor, health and travel insurance, the assessment of damage to vehicles and the receipt of claims documents. However, sales centres are barred from making claims payments, reported Al Khaleej.
Insurers are allowed to open a sales centre within the offices of travel agencies, shopping malls, and other complexes.
The sales centre’s licence will be for one year starting from 1 January, and can be renewed. In the case of the first licence, the validity period will be from the licensing date until the end of December of the same year.
The sales centre is to ensure that the customer understand the type of service provided, the nature of the relationship between them and compliance of the insurance policy with requirements; to inform the customer of all the details of the insurance policy, including the mechanism of payment of insurance premiums; to send insurance policies to customers without any unnecessary delay; to follow up on renewal of the insurance policy; and to deal in accordance with the principles of good faith and transparency, taking into account the confidentiality of data. M