The Central Bank of the UAE (CBUAE) has issued Circular 1/2025 on the Representation Offices of Foreign Insurance Companies and Foreign Reinsurance Companies Regulation (Rep Office Regulation), according to Al Tamimi & Co.
The Rep Office Regulation is dated to February 2025, but came into effect when it was published in the Gazette in October 2025.
The article stated that the Rep Office Regulation is similar to the draft regulations issued by the CBUAE, which includes a list of activities a representative office is allowed to engage in, as well as those it is prohibited from.
Al Tamimi & Co noted that prohibited activities included:
- Practicing insurance business within the UAE.
- Assuming, managing or bearing any insurance risk or any form of insurance underwriting.
- Performing or participating in any other insurance activities, such as selling insurance products, collecting premiums or providing insurance consultations.
The Rep Office Regulation also sets out the requirements that apply in relation to its licensing, such as specific criterion like the applicant entity must have completed a period of no less than 10 continuous years of conducting business in the home territory.
A license will be issued for a term of one year and must be renewed yearly, said the article.