Regulatory Alerts2019-04-15
Cabinet Resolution No. 7 of 2019 Concerning Administrative Fines Imposed by the Insurance Authority
The UAE Cabinet issued Resolution No. 7 of 2019 to establish the administrative fines imposed by the Insurance Authority on companies and professionals violating regulatory requirements. The resolution mandates specific penalty amounts for various infractions, including failure to pay compensation, non-compliance with solvency margins, and operating without a license, with fines doubling for repeated violations within one year. It further outlines the grievance appeal process, fine collection procedures, and the Authority's power to amend the annexed schedule of violations and penalties.
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