Adviser rules
For advisers and intermediaries, they must be licenced by the IA and can only sell products offered by IA regulated companies.
No insurance intermediary can sell any life product by a company that is not licenced by the IA, and no one can sell life insurance products in the UAE unless they are member of an IA licenced company.
To renew these licenses an adviser will have to show in future that he or she has held regular annual review meetings with policyholders, including providing the client with an updated annual forward projection of their policy’s actual performance, including clear shortfall analysis.
Overall, one life company official in Dubai said of the new draft: “It will bring in some really good governance and regulation. And praise should go to the IA for listening to a lot of the industry feedback to make some excellent changes.”
