To: All Representation Offices of Foreign Insurance Companies and Foreign Reinsurance Companies

Subject: Representation Offices of Foreign Insurance Companies and Foreign Reinsurance Companies Regulation

Introduction

This Regulation lays down the rules and conditions established by the Central Bank for licensing, regulating and supervising the operations of Representation Offices of Foreign Insurance Companies and Foreign Reinsurance Companies operating in the State.

The Regulation must be read in conjunction with the following laws and regulations, at a minimum:

Federal Decree-Law No. 14/2018 Regarding the Central Bank and Organization of Financial Institutions and Activities, as amended;

Federal Decree-Law No. 48/2023 Regulating Insurance Activities;

Federal Decree-Law No. 32/2021 Concerning Commercial Companies;

Federal Law No. 8/2004 on the Financial Free Zones;

Cabinet Decision No. 23/2009 Concerning the Fees for Supervision, Control and Insurance Transactions, as amended;

Cabinet Decision No. 7/2019 Concerning the Administrative Fines Imposed by the Insurance Authority;

Ministerial Decision No. 138/2024 regarding controls and procedures for registering branches and representative offices of foreign companies;