The UAE Insurance Authority (“IA”) has released new draft regulations regarding Insurance Brokerage and electronic procedures (the “Draft Law”) wherein the below amendments have been implemented to reflect major modifications and a new system inclusive of electronic procedures which shall be applicable to all insurance brokers licensed and registered with the IA. The Insurance Regulatory Authority is a statutory government agency established under the Insurance Act (Amendment) 2006, CAP 487 of the Laws of Kenya to regulate, supervise and develop the insurance industry. 6.2 The Terms and Conditions and any obligations arising out of or in connection with it shall be governed by and construed in accordance with the laws of the UAE. The law replaced the previous enactment being Federal Law No.9 of 1984 on Insurance Companies and Agents and the amending laws. The Insurance Authority announced earlier this month that the implementation of its long-awaiting regulations for the life insurance sector has been postponed until mid-October 2020. 6 of 2007 concerning the Establishment of the Insurance Authority and Regulation of Insurance Operations (the Insurance Law). This is a website maintained by the UAE Insurance Authority. Thus, both the Authority and the DIFC need to be addressed when talking about the insurance regulations in the UAE. The regulations prohibit insurance companies and professionals from dealing with price comparison websites, although brokers may work with such websites under certain conditions, including a requirement for the price comparison site to be registered with the Insurance Authority and established in the UAE. The regulations will cap the amount of commission payable on both protection and savings life insurance products and restrict the use of indemnity commission. The first draft was issued in November 2016 and after multiple rounds of revisions and delays the regulations are finally coming into effect on 16 October 2020. The Insurance Authority Decision No. That said, 2019 saw some major disruption in the UAE insurance market, largely driven by the new guidance and regulations issued by the UAE Insurance Authority. Where there is any discrepancy in the translation, the Arabic version will apply. Insurance in the UAE is primarily regulated under the Federal Law No. 6.3 Any dispute arising out of or in connection with the Terms and Conditions shall be subject to the jurisdiction of the competent courts in the UAE. The UAE Insurance Authority (IA) has published a draft regulation consolidating rules on insurance broking and online broking transactions. The Insurance Authority Financial Regulations: A platform for growth in the UAE 5 Investments should be adequately diversified to avoid excessive risk concentrations and to allow firms to respond adequately to changing economic circumstances. Firms must comply with new asset distribution and allocation limits, revised valuation Copies of the Insurance Authority's regulations, rules and decisions are available in English and/or Arabic. 49/2019 on the Life Insurance Regulations issued by the UAE Insurance Authority has had an especially long gestation periods. Introduction and Background. The content is generally up-to-date. Within the United Arab Emirates, insurance is largely governed at a Federal level by the Insurance Authority (IA) which was established pursuant to Federal law Number 6 of 2007 (the Insurance Law). On 6 January 2019, the UAE Insurance Authority (“IA”) published the ‘Cabinet Resolution No 7 of 2019’ concerning the Administrative Fines Imposed by the Insurance Authority’ (the “Resolution”).This Resolution lists 204 penalties and fines for violating the Federal Law No. in the DIFC, whereas the Insurance Authority (the Authority) established by the Insurance Law regulates those companies and intermediaries registered within [the rest of] the UAE.