• Auto renewal

- Receive the link and pay the renewal fees, in addition to the need to resolve the comments two months before renewal if needed.

• Annual Renewal

- Submit the application electronically on the electronic system/smart application, in addition to uploading the required documents.

- The Central bank accept completed application for review and approval.

- Pay fees through electronic services or via a smartphone application.

- The customer obtains the renewal certificate through the electronic system 

Service Fees:

1.  Fee for renewing the registration of a health insurance TPA company:  AED 4,000 per year​
   
   Late renewal fees: a fine of AED 300 for each month subject to a maximum of AED 3,000 for each year. Any part of a month shall be calculated as full month
   
   
2. Fee for renewing the insurance broker Register : AED 5,000 per year
   
   Fine fee for late renewal: AED 500 for each month subject to a maximum of AED 5,000 for each year. A part of a month shall be calculated as full month.
   
   
3. Fee for the registration renewal of an insurance agent company: AED 5,000 per year
   
   Fine for late renewal: AED 1,000 for each month subject to a maximum of AED 10,000 for each year. A part of a month shall be calculated as full month.
   
   
4. Fee for the registration renewal of an insurance consultant: AED 3,500 per year.
   
   Fine for late renewal: AED 500 for each month subject to a maximum of AED 5,000 for each year. A part of a month shall be calculated as full month.
   
   
5. ​Fee for the registration renewal of surveyors and loss adjusters - individuals: AED 3,500 per year
   
   Fine for late renewal: AED 500 for each month subject to a maximum of AED 5,000 for each year. A part of a month shall be calculated as full month
   
   
6. Fee for the registration renewal of an Actuary individual: AED 3,500 per year
   
   Fine for late renewal: AED 500 for each month subject to a maximum of AED 5,000 for each year. A part of a month shall be calculated as full month
   
   
7. Fee for Registration for an insurance company: AED 10,000 per year
   
   Fine fee for late renewal: AED 2,000 fine for each month subject to a maximum of AED 20,000 for each year. A part of a month shall be calculated as full month

- Submission of the application electronically or through a smartphone application
- Payment of the service charges
- Ensuring that the company profile in the e-services is updated and complete

Required documents:

1. Insurance companies:
   
   - A copy of the commercial license and commercial register
   
   - A copy of the company director’s passport and residence permit, if any

2. Insurance broker:
   
   - A renewal application must be submitted and the prescribed fees paid one month before the license expires.
   
   - copy of the commercial license
   
   - Professional Responsibility Document Renewed
   
   - An Insurance Broker must submit an annual report along with the application to renew the License pursuant to that contains proof of completion of fifteen (15) hours of continuing professional development for the Insurance Broker’s Representatives, Senior Management and Specialised Employees. In this context, continuing professional development includes attending insurance/ Insurance Brokerage related conferences, training programs and workshops.
   
   - The broker must have at least two (2) brokerage agreements with valid insurance companies.
   
   - The bank guarantee must be valid
   
   - The insurance broker must provide the Central Bank with any documents, information, papers or statistics at any time and for any specified period.

3. Insurance agents (companies, individuals):
   
   - A copy of the commercial license, registration certificate and commercial register.
   
   - A list that includes the name of the responsible director or directors managing the company and all key employees performing expert work (for companies only).
   
   - An addendum for renewing an insurance policy against civil liability arising from the practice of the profession in the amount of one million dirhams, provided that it is valid until the expiration of registration.
   
   - A statement containing the work carried out by an agent on behalf of the company during the year according to the form prepared for this purpose.
   
   - An copy of the approved director’s passport.

4. Surveyors and Loss Adjusters (companies, individuals):
   
   - A copy of the commercial license, registration certificate and commercial register.
   
   - A statement containing the expert work carried out by the expert during the year according to the form prepared for this purpose.
   
   - An insurance policy against civil liability arising from the practice of the profession in the amount of one million dirhams, to be valid until the expiration of registration.
   
   - A statement containing the name of the responsible director or directors managing the company and all key employees performing expert work (for companies only).
   
   - A copy of the expert’s passport and residence permit, if any.

5. Third Party Administrators:
   
   - A copy of the commercial license, registration certificate and commercial register.
   
   - A statement that includes the name of the company’s director, those in charge of its management, its main specialized employees, and the names of the persons authorized to sign.
   
   - A statement containing the work he performed during the year.
   
   - A copy of the approved director’s passport

6. Insurance actuary:
   
   - A copy of the Emirates ID for every employee and actuary residing in the country and copies of the passports of employees and actuaries not residing in the country.
   
   - Submit a professional liability insurance policy in accordance with the following conditions:
   
   a. The document must be issued by a company licensed and registered with the bank, provided that its terms are subject to the bank’s approval
   
   b. It must be issued in the name of the actuary.
   
   c. It must include the legal and insurance conditions related to ensuring the actuary’s professional liability resulting from the exercise of his professional activity and are non-cancellable during the term of the policy.
   
   d. It must be valid for the duration of the license and renewable by agreement of both parties (the company and the actuary). In the event that it is not renewed with the same company, the actuary must submit an insurance policy issued by another company that meets the same conditions required to be met, seven working days before the current policy expires.
   
   e. The insurance amount in the policy must not be less than (1,000,000) UAE dirhams (one million UAE dirhams), provided that the deductible amount does not exceed (30,000) UAE dirhams (thirty thousand UAE dirhams).
   
   f. No amendment or change to the terms of the document may be made except with the written approval of the bank
   
   - A statement containing the actuarial work he performed in the country during the past year.
   
   - Proof of continued membership in any of the entities specialized in actuarial science accredited by the Bank
   
   - A copy of the commercial license, registration certificate and commercial register

7. Insurance consultant (company):
   
   - A copy of the commercial license
   
   - A statement containing the insurance consulting work he provided during the year, signed by the company’s authorized signatory and sealed
   
   - An insurance policy against civil liability arising from the practice of the profession for three million, to be valid until the end of registration.

8. Insurance consultant (individual):
   
   - A copy of the commercial license of the company he works for, if any
   
   - A copy of the individual’s passport and residency, if any
   
   - A statement containing the insurance consulting work he provided during the year, signed by the company’s authorized signatory and sealed
   
   -Submitting a professional liability insurance policy in his name with an insurance amount of one and a half million dirhams, provided that the deductible amount in the policy does not exceed thirty thousand dirhams.