The Insurance Authority is established by virtue the Federal Law No.6 of 2007 entertaining the status of a legal person with financial and administrative independent budget subjoined to the State’s budget.
The Authority aims at organizing and overseeing the insurance sector in a way that would ensure suitable environment to develop it and enhance the role of the insurance industry to secure lives, properties, and liabilities against risks in order to protect the national economy; collect, develop, and invest the national savings to sustain the economic development of the State; encourage fair and effective competition; provide the best insurance services in competitive premiums and coverage, and Emiratize the insurance markets jobs and for the cause the Authority shall carry out the following duties:
· Protecting the rights of the insured and the beneficiaries of the insurance operations and monitoring solvency of the companies to avail satisfactory insurance coverage in order to protect these rights.
· Enhancing performance and efficiency of the insurance companies and binding them to observe the profession's code and rule of conduct to enhance their capabilities to render the beneficiaries of the insurance the best services and attain constructive competition.
· Providing efficient and qualified human resources to carry out insurance operations including establishment of an institute for the purpose in cooperation and collaboration with Emirates Insurance Association (EIA) according to the prevailing legislations.
· Proposing programs and plans to develop the insurance sector in all aspects and enhancing insurance awareness, preparing studies and researches relevant to the insurance operations and disseminating the same.
· Consolidating cooperation and integration ties with the authorities organizing insurance sector at both the Arab world and International levels.
· Receiving applications to establish, open branches and representative offices for insurance and re-insurance companies, insurance brokers and the professions related thereto and issuing them the necessary licenses.
· Identifying the risks which shall be compulsorily insured.
· Determining unified tariffs of certain types of insurances and of those one enlisted there under in cases the public interest would require.
Any other assignment relevant to organizing the insurance sector as resolved by the Board.