Law kind
stringclasses 9
values | Law date & authority
stringclasses 183
values | Content
stringlengths 56
283k
|
|---|---|---|
finance and banking | Federal Decree-Law No. (48) of 2023 Regulating Insurance Activities | Article (55)
Assessment of Value of Liabilities
The Companies that engage in the insurance of persons and fund accumulation operations
shall examine the financial position of this type and assess the value of its obligations at least
once every (3) three years by an Actuary, as of the date of its engagement in business.
This assessment shall cover all insurance operations concluded by the Company inside and
outside the State separately. If the activity is carried out by a branch of a foreign Company, the
assessment sh all be limited to the operations whose contracts were concluded in the State or
carried out therein.
|
finance and banking | Federal Decree-Law No. (48) of 2023 Regulating Insurance Activities | Article (56)
Examination of Financial Position
The assessment referred to in article (55) above shall be made whenever the Company is
desirous to examin e its financial position to determine the percentages of profits to be
distributed to shareholders or policyholders, or whenever it is desirous to announce this
position.
the CBUAE may request that this assessment be made at any time before (3) three years ;
provided that a period of not less than one year has elapsed from the date of the last
examination.
Federa l Decree Law of 2023 Regulating Insurance Activities 37
|
finance and banking | Federal Decree-Law No. (48) of 2023 Regulating Insurance Activities | Article (57)
Data of the Actuary's Report
The financial instructions of Insurance Companies issued by the Board, pursuant to this
Decree -Law, shall set the data required to be included in the Actuary's report on the result of
the assessment and examination referred to in Articles (55) and (56) above.
|
finance and banking | Federal Decree-Law No. (48) of 2023 Regulating Insurance Activities | Article (58)
Attachments of the Actuary's Report
The Company shall send to the CBUAE a copy of the Actuary's report on the result of the
examination and assessment referred to in Articles (55) and (56) above, within six months
from the expiry of the period for which the examination was conducted, accompanied by the
following:
1. A statement of effective In surance Policies concluded by the Company inside or outside
the State on the date of conducting the examination. If the activity is carried out by a
branch of a foreign Company, the statement shall be limited to the policies concluded or
carried out in the State.
2. An acknowledgment by persons in charge of the Company's management that all data
and information necessary to draw up a correct report have been placed at the disposal
of the Actuary.
Following the expiry of the six -month period, as referred to in this Article, an additional period
may be given to the Company to submit this report; provided that this period does not exceed
three months.
Federa l Decree Law of 2023 Regulating Insurance Activities 38
|
finance and banking | Federal Decree-Law No. (48) of 2023 Regulating Insurance Activities | Article (59)
Reexamination of Financial Position
If it becomes clear to the CBUAE that the Actuar y's report does not reflect the true financial
position of the Company, the CBUAE may request a reexamination at the Company's expense
by an Actuary selected the CBUAE for this purpose.
|
finance and banking | Federal Decree-Law No. (48) of 2023 Regulating Insurance Activities | Article (60)
Distributable Funds
1. Companies that engage in the insur ance of persons and fund accumulation may not
deduct, whether directly or indirectly, any part of their funds corresponding to their
obligations arising from the Insurance Policies to distribute it as a profit to shareholders
or Policyholders, or to pay an y amount beyond their obligations under the Insurance
Policies issued by the same. The distribution of profits shall be limited to the amount of
money in excess, as determined by the Actuary in their report, after conducting the
examination referred to in article (57) above.
2. For the purpose of applying the provisions of this Article, the Company's funds in the
State and abroad may be considered as one unit, without prejudice to the provisions of
article (23) above.
|
finance and banking | Federal Decree-Law No. (48) of 2023 Regulating Insurance Activities | Article (61)
Savings Bonds
The Companies that engage in the insurance of Persons and fund accumulation may not issue
savings bonds for a period exceeding (30) years. If the duration of a bond is (25) years or more,
the value of its redemption after year (25) twenty fifth may not be less than the amount of the
full mathematical reserve. The Premiums to which savings bond holders are committed must
Federa l Decree Law of 2023 Regulating Insurance Activities 39
be of equal or eroded value.
|
finance and banking | Federal Decree-Law No. (48) of 2023 Regulating Insurance Activities | Article (62)
Data of Savings Bonds
Savings bonds shall provide for the termination conditions that the Company invokes vis -à-
vis a bondholder due to their delay in paying the Premiums.
However, the contract may be terminated before (3) three months from the due date of the
Premium and the bondholder failed to pay the premium if the bond is nominal, such per iod
shall apply from the date of notifying the bondholder under a registered letter.
Such bonds shall provide for the devolution of right thereto to the Beneficiaries due to the
bondholder's death, without imposing additional amounts or new requirements.
the CBUAE shall determine other data that must be included in the savings bonds.
|
finance and banking | Federal Decree-Law No. (48) of 2023 Regulating Insurance Activities | Article (63)
Assessment of Insurance Policy Value
In the event of the bankruptcy or liquidation of the Company engaged in the insurance of
person or fund accumulation, the a mounts due to each holder of a policy not yet expired shall
be assessed as equal to its mathematical reserve on the day on which the liquidation decision
is issued or the bankruptcy declaration is ruled, calculated on the basis of the technical rules
for d efining Premiums at the time of concluding the policy.
|
finance and banking | Federal Decree-Law No. (48) of 2023 Regulating Insurance Activities | Article (64)
Insurance Companies Operating in Financial Free Zones
Insurance Companies licensed to operate in the Financial Free Zones may not carry out any
activity, other than the reinsurance, outside such zones in the State,
Federa l Decree Law of 2023 Regulating Insurance Activities 40
|
finance and banking | Federal Decree-Law No. (48) of 2023 Regulating Insurance Activities | Article (65)
Insurance -Related Professions
No Person may practice as an Insurance Agent, Insurance Broker, Surveyor and Loss Adjuster,
Insurance Consultant, Actuary, health insurance claims manager or any other professions
related to insurance without having the license or permit to practice the profession and being
registered in the register designated for such purpose, and in accordance with the conditions
determined by the Board, which include determinin g the liability of Insurance -Related
Professionals and organizing their business and the conditions of their registration in the
register.
Chapter Thirteen
Transfer of Insurance Policies and Cessation of Operations
|
finance and banking | Federal Decree-Law No. (48) of 2023 Regulating Insurance Activities | Article (66)
Transfer of Insurance Po licies from Company to Company
The Company may transfer the Insurance Policies it has concluded in the State, including the
rights and obligations related to any type of insurance carried out by the Company, to another
Company or Companies that carries out the same type of insurance.
|
finance and banking | Federal Decree-Law No. (48) of 2023 Regulating Insurance Activities | Article (67)
Insurance Transfer Application
1. The transfer application shall be submitted to the CBUAE, accompanied by the
documents related to the transfer agreement, and the transfer application shall be
published in two local daily newspapers, one of which is published in Arabic, at the
expense of the transfer applicant, or as per the mechanism determined the CBUAE;
Federa l Decree Law of 2023 Regulating Insurance Activities 41
provided that the announcement shall refer to the right of policyholders, the
Beneficiaries or any interest ed party to file any objection to the CBUAE to such transfer,
within (10) business days from the date of the announcement; provided that the subject
of their objection and the grounds thereof are determined.
2. the CBUAE shall issue its approval of the transf er if no interested party objects thereto
within the period referred to in Clause (1) above. The decision shall be published in the
Official Gazette within one month from the date of its issuance, and it may be invoked
vis-à-vis the Insured, the Beneficiar ies and the Company's creditors, and the funds shall
be transferred to the Company to which the policies have been transferred, subject to
the provisions relating to the transfer of ownership and assignment of funds; provided
that the transferred funds are exempted from the registration fees under the provisions
relating to the transfer of ownership and assignment of funds.
3. If an objection is submitted within the period referred to in Clause (1) above, the TIPS
application shall be decided on only after an agreement is reached between the
interested parties or a final judgement is rendered on such objection. However, the
CBUAE may issue a decision approving the transfer; provided that a guarantee is
submitted by the Company to the CBUAE equivalent t o its obligations vis -a-vis the
objector, including the expenses that may be incurred for retaining any of the Company's
assets.
|
finance and banking | Federal Decree-Law No. (48) of 2023 Regulating Insurance Activities | Article (68)
Cessation of Insurance Operations
The provisions of Articles (66) and (67) above shall be applicable if any Compa ny is desirous
to cease the engagement in one or more types of insurance, or is desirous to free up its funds
required to be exist in the State for such type or types, after the Company provides a proof
that it has fulfilled its obligations for all policie s concluded within the State or carried out
therein, pertaining to such type or types regarding which it decided to cease its operations.
Federa l Decree Law of 2023 Regulating Insurance Activities 42
Chapter Fourteen
Takaful Insurance Company
|
finance and banking | Federal Decree-Law No. (48) of 2023 Regulating Insurance Activities | Article (69)
Takaful Insurance Business
1. The provisions of this Decree -Law and the resolutions, regulations, statutes and
instructions issued thereunder shall apply to Takaful Insurance Companies, in so far as
they do not contradict the nature of its business, and they may not engage in insurance
business in such a man ner that violates the provisions and principles of the Islamic
Sharia, which must be reflected in its memorandum of association and articles of
association.
2. The Board shall issue a regulation setting out aspects of activities and the rules and
standards of the Takaful Insurance Company's business in a manner that is appropriate
with the nature of the license granted thereto.
|
finance and banking | Federal Decree-Law No. (48) of 2023 Regulating Insurance Activities | Article (70)
Takaful Insurance Fund
Takaful Insurance Company shall establish a fund that has an independent legal personality,
in accordance with the controls and procedures identified under a resolution by the Board,
which shall report to the CBUAE, in which contribution amounts and their investment returns
are deposited, in addition to the Takaful reinsurance contri butions or the equivalent thereof
and their revenues. The fund shall bear all expenses and costs of insurance operations, and
shall be liable for the compensation under the provisions of Takaful Insurance Policies.
Federa l Decree Law of 2023 Regulating Insurance Activities 43
|
finance and banking | Federal Decree-Law No. (48) of 2023 Regulating Insurance Activities | Article (71)
Higher Sharia Board
1. The S upreme Sharia Board shall set the Sharia rules, standards and principles for Takaful
Insurance Companies business, and shall control and supervise of internal Sharia
supervisory committees referred to in article (72) hereunder.
2. Takaful Insurance Companies shall bear the expenses of the Higher Sharia Authority,
including the allocations, remunerations and expenses of its members, pursuant to the
articles of association of the Supreme Sharia Board.
3. Takaful Insurance Companies and the internal Sharia superviso ry committees shall
comply with fatwas and opinions issued by the Higher Sharia Authority.
|
finance and banking | Federal Decree-Law No. (48) of 2023 Regulating Insurance Activities | Article (72)
Internal Sharia Supervisory Committee
1. An independent internal Sharia supervisory committee shall be formed in every Takaful
Insurance Company called "the Internal Sharia Supervisory Committee", comprising
experts and specialists in Islamic financial transactions jurisprudence. Such committee
shall supervise and approve all business, activities, products, services, contracts,
documents, and chart ers of the Company's business, and shall set the necessary Sharia
controls for the same under rules, principles and standards set by the Supreme Sharia
Authority, in order to ensure their compliance with the provisions of the Islamic Sharia.
Fatwas or opin ions issued by the committee shall be binding on the Company.
2. The general meeting of the Takaful Insurance Company shall be authorized to appoint
members of the internal Sharia Supervisory Committee, pursuant to provisions of
Decree Law No. (32) of 2021, r eferred to hereinabove, and the names of the members of
the Internal Sharia Supervisory Committee shall be presented to the Supreme Sharia
Federa l Decree Law of 2023 Regulating Insurance Activities 44
Board to approve the same before being presented to the general meeting and a decision
is issued approving the appoin tment.
3. Members of the Internal Sharia Supervisory Committee may not occupy any executive
position in a Takaful Insurance Company, provide it services beyond the scope of the
Committee's work, act as shareholders in it or have or their relatives up to the s econd
degree have any interests related thereto.
4. Should a dispute is raised over a Sharia opinion between members of the Internal Sharia
Supervisory Committee, or there is a disagreement regarding a Sharia matter between
the Internal Sharia Supervisory Com mittee and the Company's board of directors in
question, the matter shall be referred to the Supreme Sharia Board, whose opinion shall
be final in this regard.
5. An internal department shall be established in every Takaful Insurance Company for the
internal Sharia supervision and to monitor the Company's compliance with fatwas and
opinions of the Internal Sharia Supervisory Committee. This department shall report
directly to the Company's Board of Directors, and its employees shall have no powers or
executive responsibilities vis -a-vis the business, activities and contracts reviewed or
supervised by them from a Sharia viewpoint.
|
finance and banking | Federal Decree-Law No. (48) of 2023 Regulating Insurance Activities | Article (73)
Report of Internal Sharia Supervisory Committee
1. The Internal Sharia Supervisory Committee shall draw up an annual report, as per the
form determined by the Supreme Sharia Authority, showing whether Takaful Insurance
Company's management complies with the application of the provisions of Islamic
Sharia in the business and activities it engages in, products provi ded and contracts
concluded by it, and documents used by it.
2. The Internal Sharia Supervisory Committee's report shall be submitted to the Supreme
Federa l Decree Law of 2023 Regulating Insurance Activities 45
Sharia Authority for approval before being presented to the general meeting.
Chapter Fifteen
Provisions of Control, Ownership and Merger of the Company
|
finance and banking | Federal Decree-Law No. (48) of 2023 Regulating Insurance Activities | Article (74)
Controlling Stakes
1. No Person may, whether solely or jointly with related parties, own a controlling stake or
increase the controlling stake in the Company or exercise powers rendering him as the
owner of a controlling stake, without obtaining the approval of the CBUAE.
2. If it is established that a Person has violated the provision of Clause (1) above, the
CBUAE may impose one or more of the following measures:
a. Serving a violati on notice and giving the violator a time limit for regularization, in
accordance with the mechanism determined the CBUAE;
b. Depriving the violator of profits or benefits, in so far the violation is committed;
c. Preventing the violator from voting in the Compan y's general meeting or running for
membership of the Company's board of directors until the regularization is made or
the implementation of the procedure determined the CBUAE;
d. Suspending or revoking the violator's membership if he is a member of the
Compan y's board of directors;
e. Preventing the violator from disposing of the percentage that exceeds the controlling
stake without obtaining the prior written approval of the CBUAE; and
f. Any other measures decided by the Board.
3. The Board shall issue the regulations and instructions pertaining to determining parties
related to ownership percentages in the Companies' capitals and restrictions to shares
and cases of control, pursuant to the provisions of Federal Decree -Law No. (32) of 2021,
Federa l Decree Law of 2023 Regulating Insurance Activities 46
referred to herei nabove, or any other superseding law.
|
finance and banking | Federal Decree-Law No. (48) of 2023 Regulating Insurance Activities | Article (75)
Ownership of Insurance Company's Shares
An Insurance Company may, whether directly or jointly with associated Persons, own shares
of another Insurance Company or bonds convertible to shares only in acco rdance with the
controls and instructions issued by the Board in this regard.
|
finance and banking | Federal Decree-Law No. (48) of 2023 Regulating Insurance Activities | Article (76)
Controls of Merger and Acquisition
1. A Company may merge with, or acquire any other Company, regardless of its activity,
and may transfer any part of its obligations to another Person only after obtaining the
prior approval of the CBUAE.
2. Subject to the legislation in force in the State on merger and acquisition, the Board may
issue the regulations, statutes, instructions and rules related to merger and acqu isition.
Chapter Sixteen
Unbalanced Financial Position
|
finance and banking | Federal Decree-Law No. (48) of 2023 Regulating Insurance Activities | Article (77)
Restructuring
1. The Board shall set a framework for restructuring and liquidating the Companies,
including the controls, conditions and rules in this regard to reduce the impacts that may
be caused from the imbalance in its financial position.
2. the CBUAE may request the relevant authorities in the State to temporarily impound the
Company that suffers from an imbalance in its financial position and seize on its assets,
Federa l Decree Law of 2023 Regulating Insurance Activities 47
property and r ights of its shareholders, issue a decision requesting the competent court
to liquidate or dissolve the Company in question and develop a plan to liquidate or
transfer its assets, liabilities, settlements and clearances, as the CBUAE deems
appropriate, and implement or supervise the implementation of the liquidation plan,
take a decision on the restructuring or submit a request for a bankruptcy declaration to
the competent court, pursuant to the legislation in force in this regard.
3. the CBUAE may coordinate with the relevant authorities of the State before the Board
issues any decisions in accordance with the provisions of this Article, whenever it deems
necessary. the CBUAE may request the competent judicial authorities to take
precautionary and e xpeditious measures and procedures and any other measures that
would protect policyholders, creditors, shareholders and their interests, or as dictated by
the public interest.
|
finance and banking | Federal Decree-Law No. (48) of 2023 Regulating Insurance Activities | Article (78)
Restructuring Committee
1. For the purposes of restructuring the Com pany pursuant to the provisions of Paragraph
(m), Clause (2) of article (33) above, the Board may issue a decision dissolving the
Company's board of directors and forming a neutral committee to restructure the
company in accordance with Paragraph (d), Clau se (2) of article (33) above. The
committee shall submit a monthly report, or whenever so requested, to the CBUAE on
the progress of the restructuring procedures.
2. For such purpose, the restructuring includes managing the Company and organizing its
distress ed financial affairs by negotiating with all its creditors for determining the
Company's debts and how to be repaid by adopting a plan for the restructuring.
3. The committee referred to in Clause (1) above shall publish an announcement in The
Official Gazett e for (3) three consecutive business days in two local daily newspapers,
Federa l Decree Law of 2023 Regulating Insurance Activities 48
one of them is published in Arabic, at the expense of the Company, which shall include
an invitation to all creditors to submit statements of the amount of their debts,
supported by d ocuments, within a period not exceeding (30) thirty days from the date of
publishing the last announcement. No statements submitted by any creditor may be
accepted following the lapse of such period.
|
finance and banking | Federal Decree-Law No. (48) of 2023 Regulating Insurance Activities | Article (79)
Cases of Suspending Attachment or Enforcement Against the Company's
Property
1. Subject to the provisions set forth in any other legislation, the enforcement of any
attachment on the Company's property or assets, whether precautionary or enforcement
attachme nt, or any disposition of, or enforcement created against such property or assets
shall be suspended from the date of issuance of the restructuring decision until any of
the following cases are realized:
a. Expiry of the work period of the committee referred to in Clause (1) of article (78)
above;
b. Issuance of a decision by the Board, pursuant to the provisions of the Decree -Law,
rejecting the restructuring plan;
c. Creditors' rejection of the restructuring plan, pursuant to provisions of this Decree -
Law; and
d. Issuance of a decision by the Board to discontinue the restructuring procedures,
pursuant to the provisions of this Decree -Law.
2. The calculation of the dates for dismissal of a case for the lapse of time shall cease, as
regard to the procedure referred to i n Clause (1) above.
Federa l Decree Law of 2023 Regulating Insurance Activities 49
|
finance and banking | Federal Decree-Law No. (48) of 2023 Regulating Insurance Activities | Article (80)
Report of the Committee
1. The committee referred to in Clause (1) of article (78) above shall draw up its report on
the restructuring plan within a period not exceeding (15) fifteen days from the date of
consolidation of d ebts and invite creditors to approve the plan under an announcement
to be published in two local daily newspapers, one of which is published in Arabic,
provided that the plan is approved by creditors representing at least three -fourths of
non -preferred deb ts and unsecured by a pledge.
2. In the event that the creditors approve the plan, in accordance with the provisions of
article (a) of this Article, the committee shall submit this plan to the CBUAE and then be
submitted to the CBUAE and then to the Board for approval.
3. In the event that creditors reject the plan prepared in accordance with the provisions of
Clause (1) above, the Committee shall submit a report on the same to the CBUAE, which
shall submit it along with its recommendations to the Board.
4. The Board may take the appropriate decision on the plan submitted in accordance with
the provisions of Clause (1) above. In the event that the Board approves the plan, the
restructuring procedures shall be proceeded with, and in case of rejection, the Board
decides to take the appropriate action, pursuant to the provisions of Clause (2) of Article
(33) of this Decree -Law.
5. After completing the restructuring, a new Board of Directors of the company will be
elected, pursuant to the provisions of the legislation in force in the State.
Federa l Decree Law of 2023 Regulating Insurance Activities 50
|
finance and banking | Federal Decree-Law No. (48) of 2023 Regulating Insurance Activities | Article (81)
Discontinuance of Restructuring Procedures
If the Board finds out that the Company's positions are distressed, despite the application of
the restructuring plan or the futility of this plan, it may decide to discontinue the progress of
the restructuring procedures and take the appropriate action, in accordance with the
provisions of Clause (2) of article (33) above.
|
finance and banking | Federal Decree-Law No. (48) of 2023 Regulating Insurance Activities | Article (82)
Appointment of Liquidator
1. Notwithstanding the provisions of Federal Decree -Law No. (32) of 2021, referred to
hereinabove, the provisions contained in this Decree -Law and the regulations and
resolutions issued thereunder shall apply to the Company's liquidation. The liquidation
shall be carried out by one or more liquidators appointed by the general meeting under a
special decision. If the liquidation is based on a court judgment, the court shall indicate
the method of liquidation and appointment the liquidator. The liquidator's appointment
decision shall specify his fees and powers, along with obliging him to provide a
guarantee if necessary. If the liquidator's fees are not determined in the appointment
decision, they shall be determined by the competent court.
2. The decision of appointing the liquidator shall be announced by registration in the
Commercial Register, and such announcement shall be published in two local daily
newspapers, one of which is published in Arabic, within a period not exceeding seven (7)
days from the date of the announcement. Such appointment may be in voked vis -à-vis
third parties only from the announcement date.
3. The authority of the Company's board of directors shall end when the Company goes
Federa l Decree Law of 2023 Regulating Insurance Activities 51
into liquidation. In the course of liquidation, the Company shall retain the legal
personality to the extent ne cessary for the liquidation proceedings. The powers of the
Company's organizational units and affiliates shall be limited to the liquidation
proceedings that do not fall within the powers of liquidators.
|
finance and banking | Federal Decree-Law No. (48) of 2023 Regulating Insurance Activities | Article (83)
Challenging the Liquidator Appoin tment Decision
1. Any stakeholder may challenge the decision issued by the Company's general meeting
on the liquidator's appointment before the competent court, within (40) forty days from
the date announcing the appointment decision.
2. The challenge referred t o in Clause (1) above may not discontinue the liquidation
proceedings, unless otherwise decided by the court.
|
finance and banking | Federal Decree-Law No. (48) of 2023 Regulating Insurance Activities | Article (84)
Removal of Liquidator
The liquidator shall be removed based on the appointment method, and any decision or
judgment on the liquidator's appointment shall include the appointment of a replacement.
The liquidator's removal shall be published in two local daily newspapers, one of which is
published in Arabic. Such removal may be invoked vis -à-vis third parties only from the
annou ncement date.
|
finance and banking | Federal Decree-Law No. (48) of 2023 Regulating Insurance Activities | Article (85)
Implications of Liquidation Decision
The issuance of the liquidation decision shall give rise to the following:
1. The liquidator adds the phrase "under liquidation" next to the name of the Company in
Federa l Decree Law of 2023 Regulating Insurance Activities 52
all its documents and corres pondence;
2. Discontinuation of any authorization or signatory power issued by any entity, and the
liquidator shall be exclusively competent to grant any authorization or signatory power
required by the liquidation proceedings;
3. Discontinuation of the calculation of the lapse of time that leads to the dismissal of the
case with regard to any rights or claims due or existing in favor of the Company for a
period of one year from the date of issuance of the liquidation decision;
4. Discontinuation of cases an d proceedings brought by or against the for a period of six (6)
months, unless the court decides to proceed with such cases before the expiry of the
same, subject to the provisions of Clause (5) of this Article; and
5. Discontinuation of any procedural or exe cutive transactions against the Company,
unless such transactions are based on the request of a pledgee and related to the
pledged property, in such case, such transactions shall be discontinued or their
acceptance shall be prevented for a period of (6) si x months from the date on which the
liquidation decision is issued.
|
finance and banking | Federal Decree-Law No. (48) of 2023 Regulating Insurance Activities | Article (86)
Decisions and Procedures Necessary for Liquidation
The liquidator may issue whatever decisions he deems appropriate and take whatever actions
he deems necessary to complete the liquidation, including:
1. Managing the Company's business to the extent required by the liquidation;
2. Making a record of all the Company's assets, in agreement with the Company's board of
directors, which is bound to deliver to the liquidator the Company's property, books and
documents;
3. Appointing any experts and specialists to help him to complete the liquidation
procedures, or appointing special committees and delegating them any of the tasks and
Federa l Decree Law of 2023 Regulating Insurance Activities 53
powers vested in him; and
4. Appointing one or more l awyers to represent the Company under liquidation in any
cases or proceedings related thereto.
|
finance and banking | Federal Decree-Law No. (48) of 2023 Regulating Insurance Activities | Article (87)
Protecting the Company's Rights
1. The liquidator may take all actions that he deems necessary to protect the rights of the
Company, including:
a. Revoki ng any disposition or terminating any contract concluded by the Company, or
recovering any amount it has paid during the three months preceding the issuance of
the liquidation decision if its involves giving preference to a certain person over the
Company' s debt. The period shall be one year if the company has an ownership or
association relationship with that person. The preference shall be realized if the
action or procedure is unpaid or partially paid, or if it involves valuing property or
rights less th an its real value or contrary to its value prevailing in the market.
b. Revoking any disposition or terminating any contract concluded by the Company
with any Person who has an ownership or association relationship with it, or recover
any amount paid by the Company to either one, within the (3) months prior to the
issuance of the liquidation decision.
c. Agreeing with any of the Company's debtors on how to pay or pay in installments
any amounts or obligations incurred by them.
d. Terminating the employment of a ny of the Company's employees and paying their
dues.
e. Terminating any contract concluded by the Company with any Person before the
expiry thereof.
2. The liquidator shall take any of the procedures referred to in Clause (1) above by
notifying the Person under a written notice. However, this procedure may be challenged
Federa l Decree Law of 2023 Regulating Insurance Activities 54
before the competent court, within whose jurisdiction the Company's head office is
located, within (30) days as of the date of notifying such Person.
|
finance and banking | Federal Decree-Law No. (48) of 2023 Regulating Insurance Activities | Article (88)
Nullity of Pledges and Collaterals
1. All pledges, mortgages and collaterals created over any property or rights of the
Company during the (3) three months preceding the date of the issuance of the
liquidation decision shall be null and void. Such a period shall be one year if the pledges
or collaterals are in favor of a Person who has an ownership with, or is related the
Company.
2. Any decision of attachment at any property or right of the Company before the issuance
of the liquidation decision shall b e null, unless this decision is issued based on a
pledgee's request and is related to the pledged property.
|
finance and banking | Federal Decree-Law No. (48) of 2023 Regulating Insurance Activities | Article (89)
Person Related to the Company
For the purposes of Articles (87) and (88) above, a person is deemed related to the Company
in any of the following cases:
1. If the Person is a member of the Company's board of directors, a manager at the
Company or has a joint business interest with either one; or
2. If he/she is a spouse of a member of the Company's board of directors or a manager
thereat or has a joint business interest with either one.
Federa l Decree Law of 2023 Regulating Insurance Activities 55
|
finance and banking | Federal Decree-Law No. (48) of 2023 Regulating Insurance Activities | Article (90)
Acts of the Liquidator
Subject to the provisions of the legislation in force in the State, the liquidator may repay the
Company's debts and may sell their property, whether movable or real property, at public
auction or by any other means, unless it stipulated in his appointment document that the sale
must be carried out in a specific way. However, the liquidator may sell the Company's assets
as a whole only by a special decision of the general meeting.
|
finance and banking | Federal Decree-Law No. (48) of 2023 Regulating Insurance Activities | Article (91)
Notification of Creditors
1. Subject to the provisions relating to the Insured and the Beneficiaries of the Insurance
Policies, the liquidator shall, within (30) days from the date of the issuance of the
liquidation decision, publish a prominent announcement at a prominent place in two
local daily newspapers, one of which is published in Arabic, to notify creditors to submit
their claims against the company, whether payable or unpayable claims, within two
months if they are res idents in the State and three (3) months if they reside abroad.
2. The announcement shall be republished in the same manner promptly after the
expiration of a period of (14) fourteen days from the date of publication of the first
announcement. The statute of limitations for claims shall be calculated from the date of
publication of the first announcement.
3. If the liquidator or the competent court is satisfied that there is a legitimate excuse for a
creditor for his failure to submit his claim within the period referred to in Clause (1)
above, such period may be extended for further (3) three months maximum.
4. The period from the issuance of the liquidation decision to the publication of the
Federa l Decree Law of 2023 Regulating Insurance Activities 56
announcement referred to in Clause (1) above shall not be calculate d within the period
prescribed for case dismissal on any rights or claims of creditors against the Company
under liquidation.
|
finance and banking | Federal Decree-Law No. (48) of 2023 Regulating Insurance Activities | Article (92)
Notices Issued by the Liquidator
1. Subject to the provisions of Clause (2) below, the liquidator shall, within three (3)
months from the date of issuance of the liquidation decision, issue the below notices,
unless he finds justifiable reasons to exceed such period; provided that the total period
does not exceed six (6) months:
a. A notice with acknowledgment of receipt to each Insured or Beneficiary of the
Insurance Policy of the amount of their rights and obligations.
b. A notice of claim with acknowledgment of receipt to each debtor of the amount of
his debts and obligations vis -a-vis the Company.
2. An objection to the notice referred to in Clause (1) above may be filed to the liquidator
within (30) days from the date of notification. If no objection is made during such period,
the Insured, Beneficiary debtor shall be considered to have acknowledged the content of
the no tice.
3. The time limit prescribed for hearing a case shall be interrupted under the provisions of
Clause (2) above.
4. If the claim notice issued by the liquidator to a debtor, pursuant to the provisions of
Paragraph (b) of Clause (1), becomes final, the liquid ator may make a settlement with
the debtor or execute the notice against him under the provisions of the legislation in
force in this regard.
Federa l Decree Law of 2023 Regulating Insurance Activities 57
|
finance and banking | Federal Decree-Law No. (48) of 2023 Regulating Insurance Activities | Article (93)
Decisions Issued by Liquidator
1. The liquidator shall issue his decisions on the claims and objectio ns submitted to him,
pursuant to the provisions of article (92) above, within a period not exceeding (6) six
months from the date of submission.
2. If the liquidator fails to issue his decision within the period referred to in Clause (1)
above, the claims and objections shall be deemed to be rejected de jure.
3. Any stakeholder may challenge the liquidator's decision issued pursuant to the
provisions of Clauses (1) and (2) above before the competent court within whose
jurisdiction the Company's head office is located, within a period of (30) thirty days from
the date of being notified of the decision or from the date of the expiry of the period
referred to in Clause (1) above, whichever is shorter.
|
finance and banking | Federal Decree-Law No. (48) of 2023 Regulating Insurance Activities | Article (94)
Precautionary Attachment
Notwithstanding the pr ovisions of any other legislation, the liquidator may file a motion to
the competent court to impose a precautionary attachment at any property belonging to the
Company's debtors, may or take any precautionary or expeditious measures against them,
pursuant to the provisions of the legislation in force, taking into account the following:
1. The liquidator shall be exempted from depositing a security such motion; and
2. The liquidator shall have issued a notice of claim to the debtor upon filing the
aforementioned motion, or shall issue it within (8) eight days subsequent to the issuance
of the decision. This notice shall be an alternative to the substantive action required to
be filed pursuant to the provisions of the Federal Civil Procedure Law.
Federa l Decree Law of 2023 Regulating Insurance Activities 58
|
finance and banking | Federal Decree-Law No. (48) of 2023 Regulating Insurance Activities | Article (95)
Instituting a Case Against the Company
1. After the liquidation decision is issued, a creditor, debtor, Insured or Beneficiary may
institute a case against a Company under liquidation only in accordance with the
grounds and procedures referred to in this Decree -Law.
2. Subject to the provisions of Clause (1) of this Article, a Person affected by the liquidator's
actions or procedures may challenge the same before the competent court within whose
jurisdiction the Company's head office is located, pursuant to t he provisions of the
legislation in force in this regard. The court may confirm, nullify or amend such actions
and procedures, and may order the liquidator to take actions he is required to take.
|
finance and banking | Federal Decree-Law No. (48) of 2023 Regulating Insurance Activities | Article (96)
Repayment of Debts
Debts owed by the Company under liquidation shall be paid according to the following order:
1. Rights of employees and workers payable for the last (4) four months;
2. Liquidator's fees, expenses incurred and the loans he obtained for the purposes of
completing the liquidation;
3. Rights of the Insured and the Beneficiaries of the Insurance Policies, and the liquidator
shall allocate the Company's assets, which represent the technical provisions required to
be retained under the provisions of this Decree -Law, to pay such obligations , and any
amount collected by the Company under the reinsurance arrangements shall constitute
part of the technical provisions;
4. Rights of other creditors, as per the order of priority under the provisions of the
legislation in force in this regard; and
Federa l Decree Law of 2023 Regulating Insurance Activities 59
5. Sha reholders' rights.
|
finance and banking | Federal Decree-Law No. (48) of 2023 Regulating Insurance Activities | Article (97)
Submitting a Provisional Account for Liquidation Proceedings
1. The liquidator shall submit to the general meeting, every (6) six months, a provisional
account for the liquidation proceedings, and shall provide the informati on or data
requested by partners on the liquidation status, and shall complete his mission within
the period specified for the liquidation in his appointment decision. If no period is
specified, each partner may refer the matter to the competent court to d esignate the
liquidation period.
2. The liquidation period may be extended only by a decision of the general meeting after
reviewing a report by the liquidator stating the reasons why he failed to complete the
liquidation on time. If the period of liquidation is specified by the court, it may be
extended only with its permission.
|
finance and banking | Federal Decree-Law No. (48) of 2023 Regulating Insurance Activities | Article (98)
Final Account of Liquidation Proceedings
1. Upon the completion of liquidation, the liquidator shall submit to the general meeting a
final account on the liquidation proceedings, and such proceedings shall complete upon
the ratification of the final account.
2. The liquidator shall announce the completion of the liquidation by registering the same
in the Commercial Register and publishing it in two local daily newspapers, one of which
is issued in Arabic, and the same may be invoked vis -à-vis third parties only from the
date of this announcement. Upon the completion of the liquidation, the liquidator shall
submit a request for striking the Company off the Comme rcial Register.
Federa l Decree Law of 2023 Regulating Insurance Activities 60
|
finance and banking | Federal Decree-Law No. (48) of 2023 Regulating Insurance Activities | Article (99)
Communication of Notifications and Reports
1. Any notification or decision issued by the liquidator under the provisions of this Decree -
Law shall be communicated to the relevant Person in person or his legal representative,
or may be sent by registered mail with acknowledgment of receipt to his last address
kept with the Company under liquidation.
2. Any notification sent pursuant to this Article shall be deemed to have been duly
delivered to the recipient should such Person refuses to receive it.
3. If the communication is not possible, pursuant to the provisions of Clause (1) above, the
liquidator shall carry out the communication through publication in two local daily
newspapers, one of them is published in Arabic, for at leas t two times, and the relevant
Person shall bear the publication expenses, and this publication shall be considered
notification to him.
Chapter Seventeen
General Provisions
|
finance and banking | Federal Decree-Law No. (48) of 2023 Regulating Insurance Activities | Article (100)
Emirates Insurance Union
1. Pursuant to the provisions of this Decree -Law, a professional union shall be established
called (Emirates Insurance Union), which shall have the legal personality and legal
capacity necessary to carry out all actions and acts that enable it to achieve its objectives.
2. All Companies and Insur ance -Related Professionals shall become a member of the
Emirates Insurance Union, in accordance with the controls and procedures determined
under a resolution by the Board. The Union shall establish committees for various
Federa l Decree Law of 2023 Regulating Insurance Activities 61
insurance activities practiced by members.
3. the CBUAE shall supervise the business of the Emirates Insurance Union and approve its
articles of association, which define its functions, responsibilities and relationship with
the CBUAE, and shall establish its committees related to various insurance activities, and
the provisions relating to its general meeting, formation of its board of directors and
meetings of each one, fees of membership, annual subscription, rules for practicing the
profession, disciplinary procedures against it s members, and other provisions regulating
its affairs, the Emirates Insurance Federation shall replace all the Emirates Insurance.
4. The Emirates Insurance Association, established under Federal Law No. (6) of 2007,
referred to hereinabove, and all contract s, rights and obligations related to the Emirates
Insurance Association shall be devolved to the Union.
5. The Emirates Insurance Association's staff shall be transferred to the Emirates Insurance
Union, without prejudice to their acquired rights.
6. The legisla tion, policies, statutes and regulations applicable to the Emirates Insurance
Association shall apply to the Emirates Insurance Union, without prejudice to the
provisions of this Decree -Law, unless the superseding ones are issued.
|
finance and banking | Federal Decree-Law No. (48) of 2023 Regulating Insurance Activities | Article (101)
Claims a nd Settlement of Insurance Claims
1. The Company shall process Insurance Claims in accordance with the provisions of the
Insurance Policies and the legislation in force, by applying the following procedures:
a. Issuing a decision on any Insurance Claim, in accordance with the provisions set out
in the instructions for the rules of professional practice and ethics.
b. In the event that any Insurance Claim is rejected, in whole or in part, the Company
shall clarify the reasons for its decision in writing.
2. If a di spute arises out over an Insurance Claim or if the stakeholder objects to the
Federa l Decree Law of 2023 Regulating Insurance Activities 62
clarifications provided by the Company, the stakeholder may file a complaint to the
Banking and Insurance Dispute Settlement Unit, established pursuant to article (121) of
Federa l Decree -Law No. (14) of 2018, referred to hereinabove.
3. A complaint shall be filed according to the procedures approved by the Banking and
Insurance Disputes Settlement Unit.
4. One or more committees shall be established in the Banking and Insurance Disputes
Settlement Unit to settle disputes arising from insurance contracts, insurance business
and services. The Board shall issue the necessary decisions determining its competences,
powers, rules of procedure, remunerations of its members and fee collected by it, in
addition to the decisions related to its formation. The committee shall be chaired by a
judge with one or more judges selected the CBUAE as members.
5. The Company may not challenge the decisions of the committee referred to in Clause (4)
above on disp utes whose value does not exceed (AED 50,000) fifty thousand dirhams.
Such decisions shall be final and enforceable immediately upon their issuance. If dispute
value exceeds (AED 50,000) fifty thousand dirhams, the Company may challenge the
committee's dec isions before the Court of Appeal within (30) days, from the date of its
issuance or coming knowledge, otherwise, the challenge shall be inadmissible.
6. Without prejudice to the provisions of Clause (5) above, a stakeholder may challenge the
decisions of the committee referred to in Clause (4) above before the Court of Appeal,
within (30) days from the date of issuance of the decision or coming to knowledge;
otherwise, the challenge shall be inadmissible.
7. Cases arising from insurance contracts , business and services shall be inadmissible if
they are not presented to the committees formed in accordance with the provisions of
Clause (4) above.
8. The committee's decisions shall have the force of a writ of execution, and a challenge
shall stay the ex ecution of a decision on disputes whose value exceeds (AED 50,000)
Federa l Decree Law of 2023 Regulating Insurance Activities 63
fifty thousand dirhams.
|
finance and banking | Federal Decree-Law No. (48) of 2023 Regulating Insurance Activities | Article (102)
Confidentiality of Data and Information
1. All data and information related to insurance business and transactions related thereto
shall be of a confidential nature. Insurance Company's employees and Insurance -Related
Professionals and their employees are prohibited from giving and disclosing data and
information of the Insured or Beneficiaries or enable others to access thereto in cases
other than the ones authorized by law. Such prohibition shall remain in place even after
the termination of the relationship between the Company and the Insured or
Beneficiaries for any reason whatsoever.
2. The prohibition referred to in Clause (1) above shall apply t o all entities, Persons and any
Person who ex officio accesses directly or indirectly to data and information.
3. the CBUAE shall set the rules and conditions regulating the exchange of data and
information being the competent regulatory authority in the State.
4. The provisions of Clauses from (1) to (3) shall not violate the following:
a. Competences legally conferred on security and judicial authorities and the CBUAE
and its employees;
b. Duties entrusted to auditors of the relevant establishments;
c. The right of the entities mentioned in this Clause to disclose all or some data of
transactions of their clients necessary under the legislation in force in the State to
prove their rights in a legal dispute that arose between it and its clients in this regard;
and
d. The provisions set forth in the applicable laws and the ratified international
conventions, in addition to the special provisions regulating money laundering and
Federa l Decree Law of 2023 Regulating Insurance Activities 64
combating the financing of terrorism and illegal organizations.
|
finance and banking | Federal Decree-Law No. (48) of 2023 Regulating Insurance Activities | Article (103)
Retention of Data and Information
1. Notwithstanding the provisions of any other legislation, electronic data shall be
probative if it complies with the legislative controls related thereto.
2. The Companies shall keep, for the legally prescribed period, a soft copy of the original
books, records, statements, documents, correspondence, telegrams, notices, and other
papers related to its business, and such electronic copy shall have the probative force of
the original, pursuant to the legislation governing the sa me.
|
finance and banking | Federal Decree-Law No. (48) of 2023 Regulating Insurance Activities | Article (104)
Intervention in Proceedings and Notification of Investigations
1. Subject to the provisions of the Federal Civil Procedure Law, the CBUAE may request to
intervene in any case filed before judicial authorities to which one of its parties i s a
Company or Insurance -Related Profession.
2. All entities in charge of implementing the provisions of this Decree -Law and other
entities shall notify the CBUAE of any investigations or measures taken against any
Company or Insurance -Related Profession. the CBUAE may provide to such authorities
any clarifications, data or information that it may deem appropriate in this regard.
|
finance and banking | Federal Decree-Law No. (48) of 2023 Regulating Insurance Activities | Article (105)
Penalty of Engagement in Insurance Business without License
Without prejudice to any severer penalty set forth in any other law, any Person that
breaches the prohibition set forth in Clauses (1), (2) and (4) of article (41) or the provisions
of article (65) above, shall be penalized by imprisonment and/or a fine not less than (AED
Federa l Decree Law of 2023 Regulating Insurance Activities 65
1,000,000) one million dirhams.
|
finance and banking | Federal Decree-Law No. (48) of 2023 Regulating Insurance Activities | Article (106)
Submission of Data and Information by Government Authorities
All government agencies and Companies to which such agencies contribute and which
benefit from insurance business shall submit any data or information related to insurance
operations concluded by the same, as required the CBUAE within the period specified for the
same.
|
finance and banking | Federal Decree-Law No. (48) of 2023 Regulating Insurance Activities | Article (107)
Cooperation with Local and International Authorities
the CBUAE may cooperate with regulatory authorities in other states to exercise its powe rs set
forth in this Decree -Law over the Companies and the Insurance -Related Professionals abroad,
in accordance with the following controls:
1. Observing the principle of reciprocity;
2. The subject of cooperation must not conflict with exigencies of the public interest and
public order;
3. It must coordinate with the relevant authorities in the State; and
4. It must comply with the provisions of the legislation in force in the State.
|
finance and banking | Federal Decree-Law No. (48) of 2023 Regulating Insurance Activities | Article (108) Publication of Decisions
the CBUAE shall publish the decisions related to the issuance and suspension of the license or
relicense, or decisions related to the merger, ownership, restructuring, liquidation or
termination of the Companies in the Official Gazette and in two local daily newspapers, one
of which is publis hed in Arabic, at the expense of the Company, and at the CBUAE's website.
Federa l Decree Law of 2023 Regulating Insurance Activities 66
|
finance and banking | Federal Decree-Law No. (48) of 2023 Regulating Insurance Activities | Article (109)
Publication of Draft Regulations and Rules
the CBUAE shall publish draft regulations and rules governing the business of the Companies
and Insurance -Related Companie s under a notice to be served to all relevant agencies to give
an opinion thereon, within the period identified the CBUAE.
|
finance and banking | Federal Decree-Law No. (48) of 2023 Regulating Insurance Activities | Article (110)
Contribution and Ownership Percentages
1. The Board shall set the terms and conditions for citizens' and foreigners' ownership of
the Company's shares and the percentages of contribution to the capital thereof.
2. The Board shall determine the terms and conditions for citizens' and foreigners'
ownership and the percentages of contribution thereto.
|
finance and banking | Federal Decree-Law No. (48) of 2023 Regulating Insurance Activities | Article (111)
Capacity of Judicial Officer
the CBUAE's employees identified by a resolution of the Minister of Justice, in coordination
with the Governor, shall have the capacity of judicial officer to detect acts committed in
violation of the provisions of this Decr ee-Law.
Federa l Decree Law of 2023 Regulating Insurance Activities 67
|
finance and banking | Federal Decree-Law No. (48) of 2023 Regulating Insurance Activities | Article (112)
Adjustment of Affairs
Any Person that is governed by the provisions of this Decree -Law shall adjust their affairs in
compliance with the provisions of this Decree -Law within a period not exceeding (6) six
months from the effective date thereof, and may be extended for a similar period under a
resolution of the Cabinet, at the proposal of the Board.
|
finance and banking | Federal Decree-Law No. (48) of 2023 Regulating Insurance Activities | Article (113)
Application of the Commercial Companies Law
The provisions of Federal Decree -Law No. (32) of 2021, referred to hereinabove, shall be
applicable to insurance business, in so far as they do not contradict the provisions of this
Decree -Law.
|
finance and banking | Federal Decree-Law No. (48) of 2023 Regulating Insurance Activities | Article (114)
Repeals
1. Federal Law No. (6) of 2007, Regulating Insurance Business, referred to hereinabove,
and a ny provisions repugnant to, or in conflict with the provisions of this Decree -Law
shall hereby be repealed.
2. The regulations, resolutions and circulars issued pursuant to the provisions of Federal
Law No. (6) of 2007, referred to hereinabove, shall remain e ffective, in so far as they do
not contradict the provisions of this Decree -Law, until the superseding regulations,
resolutions and circulars are issued.
Federa l Decree Law of 2023 Regulating Insurance Activities 68
|
finance and banking | Federal Decree-Law No. (48) of 2023 Regulating Insurance Activities | Article (115)
Publication and Entry into Force of the Decree -Law
This Decree -Law shall be published in the Official Gazette, and shall enter into force after (30)
thirty days from the publication date.
Mohammed bin Zayed Al Nahyan
President of the United Arab Emirates
Issued by Us at the Presidential Palace
Dated: 17 th Rabi' Al -Awwal 1445 AH,
Corresponding to: 2 nd October 2023 AD
|
finance and banking | Federal Law No. (6) of 2010 on Credit Information | Article (1)
For the purposes of applying the provisions of this Law, the following words and phrases shall
have the meanings ascribed thereto hereunder unless the context indicates otherw ise:
State: : The United Arab Emirates .
Central Bank : The Central Bank of the United Arab Emirates .
Credit
Information : The person's financial data, financial obligations, current and previous
payments, financial rights including the revenue, movable and
immovable assets thereof, any banking transactions and other
significant data and information relating to the credit information and
indicating the person's eligibility and creditworthiness submitted by the
information provider and based on which the c redit record is created.
Company : The Company established pursuant to the provisions hereof for the
purpose of carrying out credit information -related activities and
businesses.
Information
provider : Any entity that provides the credit information to the Company and
obtains the same through its usual business activities with any person
in accordance with this law and the executive regulations hereof,
including the Federal and local governmental bodies and institutions,
commercial and investment banks, financial institutions, insurance
companies and the companies established in the State or the free
zones.
Code of
conduct : A set of binding controls applicable to the information provider and the
information report recipient and aim at controlling the process of credit
information request, collection, preservation, analysis, categorization,
use and circulation .
Information
report
recipient : The person entitled to receive a credit information report in accordance
with the provisions of this law and its executive regulations . Federal Law No. (6) of 2010 on Credit Information 3
Credit record : The record created by the Company and contains all the person's credit
information which is collected from different sources and arranged in
chronological order and based on which the credit information report
is m ade.
Information
report : A report issued by the Company at the request of the information
report recipient and contains the information that indicates the
person's eligibility and creditworthiness.
Creditor
Index : A score -based index issued by the Company based on the credit record
and determining the person's eligibility and potential in the different
credit and financial sectors.
Person : Any natural or legal person on whom credit information may be
provided .
|
finance and banking | Federal Law No. (6) of 2010 on Credit Information | Article (2)
Scope of law application
The provisions of this Law shall apply to:
1. The Company, Information Provider and Receiver of Information Report.
2. Any person that has a relation with the Credit Information as per the determination of the
Executive Regulations of this Law.
|
finance and banking | Federal Law No. (6) of 2010 on Credit Information | Article (3)
Credit Information Exchange Rules
This Law shall regulate the activities of Credit Information request, collection, keeping,
analysis, classification, use, circulation and protection and whatever relates to such
Information.
|
finance and banking | Federal Law No. (6) of 2010 on Credit Information | Article (4)
The process of Credit Information request, collection, keeping, analysis, classification, use,
circulation and protection; and preparation of Credit Records and Credit Information Reports Federal Law No. (6) of 2010 on Credit Information 4
and the regulation of the same, shall be subject to the controls set up b y the Central Bank,
subject to the provisions of this Law and its Executive Regulations.
|
finance and banking | Federal Law No. (6) of 2010 on Credit Information | Article (5)
There shall be prohibited the collection and circulation of any information or data that relates
directly or indirectly to the details or facts that relate to the private life of the natural person
or his/her opinions, beliefs or health condition.
|
finance and banking | Federal Law No. (6) of 2010 on Credit Information | Article (6)
1. A credit information report recipient shall obtain the approval of the person about whom
inquiry is made, prior to the issuance of the report. This approval may be either in writing
or by any other legally acceptable means.
2. The Company may request to be provided with the credit information for the purpose of preparing and developing its credit information database, without having to obtain the
approval of the person concerned.
3. Notwithstanding Clause (1) of this Article, the information report recipient may request the Company to issue a credit information report on any of the person indebted thereto in accordance with the controls set out by the C entral Bank in this regard.
4. The credit index shall be requested and issued without requiring the approval of the person about whom the inquiry is made, in accordance with the controls set out by the Central Bank.
|
finance and banking | Federal Law No. (6) of 2010 on Credit Information | Article (7)
Credit Information and Credit Records and Credit Information Report being collected and
kept shall be prohibited to be used and circulated for any purposes other than those for which
the contracts have been concluded or for the purposes for which such inf ormation has been
provided, as per the provisions of this Law and its Executive Regulations.
|
finance and banking | Federal Law No. (6) of 2010 on Credit Information | Article (8)
The Credit Information and Credit Record and Credit Information Report shall be confidential Federal Law No. (6) of 2010 on Credit Information 5
by nature and shall be used for the Company business pur poses only and among the parties
stipulated in this Law and as per its provisions, and may be accessed or revealed directly or
indirectly only with written consent of the respective person or his/her heirs or legal
representative or the proxy duly authoriz ed to do so, or subject to a request by the competent
judicial authorities and to the extent required for the investigations and claims tried before
such authorities.
|
finance and banking | Federal Law No. (6) of 2010 on Credit Information | Article (9)
1. The Company shall be established to practice the activities related to the c redit
information and shall enjoy the legal personality and capacity required to practice its
activities, and, in particular, it shall:
a. Organize the credit information's request, collection, preservation, analysis, categorization, use and circulation.
b. Prepare and process the credit record in due time, appropriately and in a secure
manner in accordance with the provisions set out in this law and its executive
regulations and the controls set out by the Central Bank.
c. Issue the credit information report an d any other reports and products related to credit
information.
d. Prepare and develop risk tools, standards and relevant matters.
e. Practice any activity related to the person's credit status in accordance with the information available to the company in the c redit record.
2. The Cabinet shall issue a resolution determining the Company's Articles of Association
and operation mechanism.
|
finance and banking | Federal Law No. (6) of 2010 on Credit Information | Article (10)
Any natural or legal person except for the Company shall be prohibited to exercise the activities of requesting, collecting, keeping, analyzing, classifying, using and circulating Credit
Information and whatever relates to such Information.
Federal Law No. (6) of 2010 on Credit Information 6
|
finance and banking | Federal Law No. (6) of 2010 on Credit Information | Article (11)
Without prejudice to the controls to be issued by the Central Bank the Company shall:
1. Not disclose or reveal any information in its possession to any Third -Party, except in
accordance with the provisions of this law and its executive regulations.
2. Establish advanced systems and a database that contains and keeps all that which
concerns the credit information, credit r ecord and credit information reports, and update
the same periodically.
3. Maintain the security of the Company and protect the Company's credit information from
loss, damage, illegal or insecure access, use or modification, including maintaining the
means of data support and recovery in emergencies.
4. Be committed to use the credit information in accordance with the provisions of this law
and the executive regulations hereof.
|
finance and banking | Federal Law No. (6) of 2010 on Credit Information | Article (12)
The information provider shall send to the Company the credit informatio n in accordance
with both the electronic system applicable at the Company and the controls set out by the Central Bank in this respect.
|
finance and banking | Federal Law No. (6) of 2010 on Credit Information | Article (13)
The Central Bank shall be linked to the Company's credit information database in accordance
with the mech anism prescribed by the Central Bank.
|
finance and banking | Federal Law No. (6) of 2010 on Credit Information | Article (14)
The information provider shall provide the Company with the credit information required
without imposing any financial burdens on the Company.
|
finance and banking | Federal Law No. (6) of 2010 on Credit Information | Article (15)
1. The Company shall conclude with the information report recipient an agreement regulating the credit information report use mechanism and the terms and conditions Federal Law No. (6) of 2010 on Credit Information 7
relating to the credit information and form related to the protection and maintenance of
confi dentiality of credit information.
2. The Company may exchange reports and information related to non -citizens with the
credit information companies and centers outside the State on the basis of reciprocity and in accordance with the provisions of this law and its executive regulations, the controls
issued by the Central Bank and the agreements on the exchange of information approved by the competent bodies in the State.
|
finance and banking | Federal Law No. (6) of 2010 on Credit Information | Article (16)
The Central Bank Powers
The Central Bank, in its capacity as the controlling authority of the activities of the Company,
shall, as per the provisions of this Law, have the following powers:
1. Controlling and overseeing the Company well performing of the tasks assigned to it.
2. Setting up the controls pursuant to which the Company exercises its activities, and the
Code of Conduct and whatever relates to it.
3. Issuing any instructions or directions to the Company.
|
finance and banking | Federal Law No. (6) of 2010 on Credit Information | Article (17)
Penalties
There shall be sentenced to a minimum term of imprisonment of two years and/or a minimum
fine of AED 50.000 (AED fifty thousand) each and every person who:
1. Reveals Credit Information or Credit Information Report or Credit Record in cases other
than those authorized as per the provisions of this Law and its Executive Regulations.
2. Obtains Credit Information or Credit Information Report, or has access to Credit Record,
without obtaining the approvals required as per the provisions of this Law and its
Executive Regulations or by using fraudulent methods or incorrect information.
3. Violates the confidentialit y established for the Credit Information and the Credit Record
and the Credit Information Report.
4. Misrepresents in bad faith any data or submits any incorrect Credit Information to the
Company. Federal Law No. (6) of 2010 on Credit Information 8
|
finance and banking | Federal Law No. (6) of 2010 on Credit Information | Article (18)
Subject to the penalties stipulated in the previous Article, there shall be punished by
imprisonment and/or a minimum fine of AED 10.000 (AED ten thousand ) each and every
person who violates any of the provisions of this Law and the orders issued in enforc ement of
the same.
|
finance and banking | Federal Law No. (6) of 2010 on Credit Information | Article (19)
There shall be considered an aggravating circumstance the commitment of any of the crimes
stipulated by this Law by any public servant or any of the employees working at the Company.
|
finance and banking | Federal Law No. (6) of 2010 on Credit Information | Article (20)
Sentence to the penaltie s stipulated by this Law shall not prejudice any severer penalty
stipulated by any other law, or the civil liability of the violator.
|
finance and banking | Federal Law No. (6) of 2010 on Credit Information | Article (21)
General Provisions
Employees who are determined by a resolution by the Minister of Justice in agreement with
the Minister of Finance shall have the capacity of judicial officers in evidencing any actions
committed in violation of the provisions of this Law and the orders issued in enforcement of the same, within the jurisdiction of each of them respectively.
|
finance and banking | Federal Law No. (6) of 2010 on Credit Information | Article (22)
The Executive Regulations of this Law shall determine:
1. The mechanism of filing the request for Credit Information and the details of such
request.
2. Rights and obligations of all related parties.
3. The period for keeping the Credit Information and the period covered by the Credit Federal Law No. (6) of 2010 on Credit Information 9
Information Record.
4. The authorities benefitting from the Credit Information and the payment that has to be
made in return for obtaining such Information in light of the cont rols stipulated by the
Central Bank in this respect.
5. The persons entitled to obtain the Credit Information Report.
6. The mechanism of submitting and examining complaints related to Credit Information.
|
finance and banking | Federal Law No. (6) of 2010 on Credit Information | Article (23)
The Ministry of Finance in coordination with the Central Bank shall develop this Law's
Executive Regulations which shall be issued by a resolution by the Cabinet of Ministers.
|
finance and banking | Federal Law No. (6) of 2010 on Credit Information | Article (24)
The controls that the Central Bank is empowered to draw up as per the Articles 4 , 11, 16, 23
and 24 of this Law shall be issued and published in the Official Gazette.
|
finance and banking | Federal Law No. (6) of 2010 on Credit Information | Article (25)
Any provision in contradiction with the provisions of this Law shall be cancelled.
|
finance and banking | Federal Law No. (6) of 2010 on Credit Information | Article (26)
This Law shall be published in the Official Gazette, and shall be operative as of the day
following the date of issuing the same.
Khalifah Bin Zayed Al Nahyn
UAE President
Issued by us in the Presidency Palace in Abu Dhabi on:
October 7th, 2010 AD.
Corresponding to Shawal 28th, 1431 H. |
finance and banking | Federal Law No. (12) of 2023 on Regulating the Federal Public-Private Partnerships (PPP) | Article (1)
Definitions
In applying the provisions of this Law, the following words and expressions shall have the
meanings ascribed thereto, unless the context requires otherwise:
State : The United Arab Emirates.
Government : The Federal Government of the State.
Ministry : Ministry of Finance.
Minister : Minister of Finance.
Federal Law No. ( 12) of 2023 on Regulating the Federal Public -Private Partnerships (PPP) 2
Federal Public
Sector : Any ministry established in accordance with Federal Law No. (1) of
1972 Concerning the functions of ministries and the powers of
ministers, and its amendments, any federal authority, institution or
regulatory bodies, as well as any other bodies affiliated with the
federal government .
Concerned
Federal Agency : The federal ag ency responsible for proposing the project.
General Budget
Committee : The committee formed by the Cabinet.
Private Sector : Companies and commercial institutions (this shall not include
companies and commercial institutions wholly owned by the
government).
Potential
Partnership
Project
: Any project that is proven - after evaluating its feasibility - to
meet the criteria for partnership projects specified in the
Partnership Projects Guide.
Partnership
Project
: A contractual relationship between a federal agency (or several
federal agencies) and one or more part ners from the private
sector established in accordance with the provisions hereof,
which aims to provide a public service or operate a public facility.
Partner : Any legal person or coalition of legal persons, from the private
sector, that is a party to the partnership contract.
Project
Company : Any company or institution established by the partner to
implement the project.
Project
Agreement : A contract concluded by the concerned federal agency with the
partner with the aim of regulati ng the relationship between the
parties regarding the partnership project.
Federal Law No. ( 12) of 2023 on Regulating the Federal Public -Private Partnerships (PPP) 3
Project Team : The team responsible for developing the project idea and
presenting it.
Grievance
Committee : A grievance committee formed by the Minister in accordance
with the pr ovisions of Clause (2) of article (20) hereof.
Partnership
Projects Guide : A guide issued in accordance with the provisions hereof and contains
the rules, provisions and procedures related to partnership projects.
|
finance and banking | Federal Law No. (12) of 2023 on Regulating the Federal Public-Private Partnerships (PPP) | Article (2)
Law Objectives
This Law aims to achieve the following:
1. Organising partnership projects between the federal public sector and the private sector
in the State.
2. Encouraging the priv ate sector to participate in development and strategic projects, and
increase investment in projects of economic, social and service value.
3. Enabling the government to efficiently and effectively implement the strategic projects
thereof
4. Benefiting from the financial, administrative, organisational, technical and technological
capabilities and expertise available in the private sector, to enable the community to obtain the best services in a way that achieves the best value for the cost.
5. Increa sing productivity and improving the quality of public services, while ensuring
effective management for the development of those services.
6. Transferring knowledge and experience from the private sector to the federal agencies,
and training and qualifying employees of federal agencies in the State to manage and
operate projects.
7. Implementing projects that provide added value to public money.
8. Reducing the burden of financial and operational risks on the government that may result from implementing projects.
9. Shifting in the management of some infrastructure projects and public services from implementation, operation, and direct management to other forms of implementation in
accordance with approved policies and controls to achieve quality.
Federal Law No. ( 12) of 2023 on Regulating the Federal Public -Private Partnerships (PPP) 4
10. Stimulating the competitiveness of projects in local, regional and global markets.
|
finance and banking | Federal Law No. (12) of 2023 on Regulating the Federal Public-Private Partnerships (PPP) | Article (3)
Scope of Application
The provisions of this law shall apply to any partnership project funded in whole or part by
the private sector and proposed by a federal agency.
|
finance and banking | Federal Law No. (12) of 2023 on Regulating the Federal Public-Private Partnerships (PPP) | Article (4)
Exclusions
The provisions of this law shall not apply to:
1. Partnership contracts concluded before the entry into force of this law in a manner that shall not conflict with the provisions of article (32) hereof;
2. Outsourcing the services specified in the Partnership Projects Guide;
3. Projects whose value is less than the financial limit stipulate d in the Partnership Projects
Guide;
4. Projects to privatise public assets and services;
5. Supply and procurement contracts related to national security identified in the
Partnership Projects Guide; and
6. Federal agencies, sectors and projects that are excluded pursuant to the Cabinet
resolution.
|
finance and banking | Federal Law No. (12) of 2023 on Regulating the Federal Public-Private Partnerships (PPP) | Article (5)
Competences of the Ministry
For the purposes of implementing this law, the Ministry shall have the following duties:
1. Proposing a guide for partnership projects and submitting Cabinet for approval;
2. Preparing and issuing a guide to the management and implementation of the
partnership project, including the provisions regulating the management and
supervision of partne rship projects during the implementation phase;
3. Preparing, issuing and amending evidence and all forms and documents related to
Federal Law No. ( 12) of 2023 on Regulating the Federal Public -Private Partnerships (PPP) 5
partnership projects, subject to Clause (1) of this Article;
4. Proposing to update the legislation regulating partnership projects between federal
agencies and the private sector in accordance with international best practices;
5. Working to provide the appropriate environment to attract the private sector to
partic ipate in partnership projects and overcome difficulties that may hinder the success
of partnership projects;
6. Providing assistance and support to federal agencies in the process of offering partnership projects pursuant to the stipulations hereof, if n ecessary, and encouraging
federal agencies to use the partnership projects method;
7. Studying and evaluating the offers and feasibility studies submitted by the federal agencies and the private sector and determine the feasibility of presenting them as a partnership project, after coordination with the relevant authorities if the need arises;
8. Guiding federal agencies regarding the mechanism for preparing feasibility studies and
other studies related to evaluating partnership projects;
9. Providing advice to the federal agencies regarding the proposal and implementation of
partnership projects, if necessary, according to the Ministry discretion;
10. Creating a data record for partnership projects; and
11. Measuring the success of partnership projects on a regular basis and submitting periodic reports thereon to the General Budget Committee.
|
finance and banking | Federal Law No. (12) of 2023 on Regulating the Federal Public-Private Partnerships (PPP) | Article (6)
Concerned Federal Agency Competences
For the purposes of implementing this law, the concerned federal agency shall have
jurisdiction over the following:
1. Proposing partnership projects and preparing all the necessary studies to evaluate the
partnership project and determine the financial, economic, technical and social
feasibility of the project and the risks and implications thereof in accordance with the
requirements of the Partnership Projects Guide;
2. Preparing the initial budget for the partnership project in cooperation with the project
Federal Law No. ( 12) of 2023 on Regulating the Federal Public -Private Partnerships (PPP) 6
team in accordance with the guides and models related to pr eparing budgets issued by
the Ministry and the Partnership Projects Guide;
3. Determining all the technical specifications and requirements related to the partnership
project;
4. Coordinating with the Ministry to for mulate the structure of the partnership project,
including determining the partnership methods appropriate to the nature of the project,
the nature of the contribution of the two partnership parties to the project, and the
distribution of shares and financ ial returns resulting from it;
5. Proposing fees for services related to the partnership project;
6. Supporting the project team in preparing the bidding documents and the terms and specifications booklet for the partnership project;
7. Implementing its obligations stipulated in the project agreement and exercising the
rights contained therein;
8. Coordinating with other government and federal agencies concerned with the project to ensure that the partnership project outputs are aligned with their p lans;
9. Supervising the private sector proper implementation of partnership projects in accordance with the provisions of article (25) of this law, without prejudice to the
powers of other regulatory bodies;
10. Working on overcoming the difficulties that prevent partnership projects from achieving
their desired goals in coordination with the competent authorities in the State; and
11. Preparing periodic quarterly reports for each of the partnership projects pr oposed
thereby and submitting the same to the Ministry.
Federal Law No. ( 12) of 2023 on Regulating the Federal Public -Private Partnerships (PPP) 7
|
finance and banking | Federal Law No. (12) of 2023 on Regulating the Federal Public-Private Partnerships (PPP) | Article (7)
Project Team Formation
1. For each potential partnership project, a project team shall be formed, and the Partnership
Projects Guide shall specify the mechanism for forming the team.
2. The project team shall undertake the following:
A. Coordinating and managing the bidding procedures for the partnership project and
partner selection;
B. Preparing the initial budget for the project in coordination with the concerned federal agency;
C. Preparing the bidding documents, the terms and conditions booklet, the partnership
project specifications, and the project agreement;
D. Evaluating and opening bids in accordance with the evaluation procedures and criteria
specified in the bidding documents and the Partnership Projects Guide;
E. Ensuring the application of the principles of transparency, fair competition, and equal
opportunities in accordance with the provisions of this law and the Partnership Projects
Guide; and
F. Any other powers stipulated herein or in the Partnership Projects Guide.
|
finance and banking | Federal Law No. (12) of 2023 on Regulating the Federal Public-Private Partnerships (PPP) | Article (8)
Project Selection
1. The concerned federal agency, ministry, or private sector may propose a partnership project.
2. The Ministry shall decide, in agreement with the concerned federal agency whether the
project proposed to be presented as a partnership project deserves to be selected as a potential partnership project, in accordance with the criteria specified by the Partnership
Projects Guide.
3. When selecting a project as a potential partnership project, it shall be evaluated in
accordance with the procedures stipulated in the Partnership Projects Guide.
4. The Partnership Projects Guide shall specify the standards and studies required in the
project selection and approval stages.
Federal Law No. ( 12) of 2023 on Regulating the Federal Public -Private Partnerships (PPP) 8
|
finance and banking | Federal Law No. (12) of 2023 on Regulating the Federal Public-Private Partnerships (PPP) | Article (9)
Project Proposal by the Federal Agency
When intending to conclude a partnership project, the federal agency shall abide by the
following:
1. Ensuring that the project meets the criteria for partnership projects specified by this law
and the Partnership Projects Guide, and studying the suitability of presenting any of its
projects as a partnership project;
2. Proposing the project in an alternative manner if there are strat egic reasons or reasons
related to the public interest;
3. Providing evidence that it has considered the option of partnership projects in relation to its projects whenever requested by the Ministry; and
4. Preparing a project presentation when it wish es to hold a partnership project, including
justifications for selecting the project, and submitting it to the Ministry in accordance
with the procedures specified in the Partnership Projects Guide.
|
finance and banking | Federal Law No. (12) of 2023 on Regulating the Federal Public-Private Partnerships (PPP) | Article (10)
Project Proposal by the Private Sector
1. The private sector may submit an initiative to any federal agency or the Ministry to
propose a project as a partnership project. The federal agency shall, whenever the initiative
is directly presented thereto, submit it to the Ministry in accordance with the procedures
contained herein and the Partnership Projects Guide.
2. The Partnership Projects Guide shall specify the provisions that regulate partnership
project initiatives submitted by the private sector, including the following provisions :
A. The mechanism for submitting initiatives and the method of evaluating, accepting and
presenting them;
B. Guarantees to protect confidential information, intellectual property rights, business
secrets, and any special exclusive rights associated with the initiative; and
C. Incentives and benefits provided to the initiative owner.
Federal Law No. ( 12) of 2023 on Regulating the Federal Public -Private Partnerships (PPP) 9
|
finance and banking | Federal Law No. (12) of 2023 on Regulating the Federal Public-Private Partnerships (PPP) | Article (11)
Project Adoption
1. The federal agency or the private sector shall submit the project to the Ministry for
approval as a potential partnership project, including the details specified in the Partnership
Projects Guide.
2. The Ministry shall study the project and evaluate it in accordance with the requirements hereof and the Partnership Projects Guide.
3. If the project meets the requirements of partnership projects and there is no financial
approval for the project, the Ministry shall submit the proposal for the initial approval of the project by the General Budget Committee and after its approval, it shall be submitted to the
Cabinet for final adoption.
4. The Ministry may submit the project directly to the Cabinet in case of the absence of a
financial approval for the project.
5. In case of project adoption by the Cabinet, the Ministry shall notify the concerned federal
agency of the project approval.
6. The Partne rship Projects Guide shall specify the approvals required at each stage of
developing and launching the partnership project.
|
finance and banking | Federal Law No. (12) of 2023 on Regulating the Federal Public-Private Partnerships (PPP) | Article (12)
Budget Approval
1. The project team, in cooperation with the concerned federal agency, shall develop the
initial budget for the partnership project in accordance with the budget preparation
provisions issued by the Ministry.
2. No partnership project that entails expenses may be proposed to any federal agency
unless the cost of the project for the implementation duration thereof is fully approved by the government.
Federal Law No. ( 12) of 2023 on Regulating the Federal Public -Private Partnerships (PPP) 10
|
finance and banking | Federal Law No. (12) of 2023 on Regulating the Federal Public-Private Partnerships (PPP) | Article (13)
Government Financial Guarantees
1. Subject to the legislation in force in the State, the co ncerned federal agency may - based
on the needs of the project - propose to the Ministry to issue a government guarantee to
secure the financial obligations of the federal agency stipulated in the terms of the project
agreement.
2. The Partnership Projects Guide shall specify the conditions and procedures for requesting
a government financial guarantee, and the mechanisms for deciding thereon.
|