UAE: Insurance regulator issues rules for marketers
Source: Middle East Insurance Review | Dec 2018
The UAE Insurance Authority (IA) has barred insurance marketers from issuing policies on behalf of the company that they represent.
The marketers are also prohibited from intervening in claims submitted by the customer to the insurer, filling or signing any claim on behalf of customers, or receiving premiums for insurers or compensation payouts on behalf of customers, reported Al Khaleej.
The Authority said in its ‘Instructions for the Licensing, Regulation and Control of Insurance Marketers’ that the marketer or intermediary can only market insurance or help close the deal in order to help the customer obtain the insurance coverage that he wants.
The regulation prevents insurance marketers from charging any commission or receiving any remuneration from customers.
The insurance marketer has to carry out the marketing himself and may not delegate the work to another party.
In addition, the marketer is prohibited from transferring from one insurer to another, unless he provides the IA with a discharge from the previous insurer and a letter from the new insurer. He is prohibited too from disclosing information that he had obtained from his previous insurer to the new insurer directly or indirectly. He may not work for an insurance broker or deal with more than one insurer at a time.
The insurance marketer shall be licensed by the IA to carry out his activity through an office prepared for him by the insurer. He may work for the insurer or for the account of an insurance agent provided that the agent obtains the consent of the company the latter represents.
The licence shall be renewed annually. M