The scope of insurance law involves dealing with issues such as health, car, life, property, and more. We have experienced insurance defense lawyers who can help you claim your policy from insurance companies. Our insurance practice includes areas such as,
Federal Law No. 6 of 2007 serves as the framework which establishes and regulates the functions of Insurance Authority and licenses in UAE insurance companies. By virtue of this law it oversees, regulates, and protects the rights of the insured and its beneficiaries and at the same time, improves the performance and efficiency of insurance companies. The Insurance Authority supervises the health sector in coordination with other health insurance regulators in Dubai (the Dubai Health Authority) and Abu Dhabi (the Department of Health – Abu Dhabi).
On the other hand, companies registered to operate within the free zone areas have their own legal and regulatory framework unless there is a specific provision governing insurance in the respective free zones. Such as The Dubai Financial Service Authority and Dubai Financial Centre Authorities regulate insurance companies registered under the laws of DIFC. Also, insurance companies registered within the ADGM are bound by The Financial Service Regulatory Authority of Abu Dhabi Global Market (ADGM).
Under UAE law, any insurer engages in the insurance business within UAE must be licensed by the Insurance Authority. In addition, insurance companies must ensure that the code and conduct and ethics imposed by the Authority are observed by all its employees and ensure the development of professional codes of the company and its employees. At the same time, brokerage companies operating within UAE are prohibited from dealing with unlicensed insurance companies or not registered with the Insurance Authority. Any insurance contracts entered into with any of the unlicensed or unregistered insurance companies will be null and void.
In furtherance with the recent development in 2019, the Insurance Authority decreed Resolution No. 33 of 2019 Concerning the Regulation of the Committees for the Settlement and Resolution of Insurance Disputes. Except in cases or disputes that include an arbitration clause, the committees are authorized to settle and resolve all types of insurance disputes involving the insured, beneficiaries, or other affected party against any insurance companies registered under UAE laws and other foreign insurance companies who are authorized to conduct insurance activities within UAE.
The UAE court has jurisdiction over any dispute arising out of the insurance policy provided that the insured is a current residence of UAE. Also, UAE courts have jurisdictions over claims filed against UAE nationals or even foreign legal entities who are a resident or has legal domicile within UAE.
Arbitration Centres have jurisdiction over insurance dispute provided that certain requirements and formalities are met. Such as: valid arbitration clause is incorporated in the signed contract between the parties. Determination of a valid arbitration clause requires that the arbitration agreement must be reduced in writing, that the arbitration must be in a separate agreement to the insurance contract and that the arbitration agreement must be signed by a signatory vested with an authority to settle disputes.
Overall, the Insurance Authority continuously endeavor to secure market conduct concerning every facet of the insurance business, the Authority is significantly focused on regulating and developing commission structures, disclosure obligations and protecting policyholders values.
