Circular No: 1/2025
Date: 13/2/2025
To: All Representation Offices of Foreign Insurance Companies and Foreign Reinsurance Companies
Subject: Representation Offices of Foreign Insurance Companies and Foreign Reinsurance Companies Regulation
This Regulation lays down the rules and conditions established by the Central Bank for licensing, regulating and supervising the operations of Representation Offices of Foreign Insurance Companies and Foreign Reinsurance Companies operating in the State.
The Regulation must be read in conjunction with the following laws and regulations, at a minimum:
- Federal Decree-Law No. 14 of 2018 Regarding the Central Bank Organization of Financial Institutions and Activities, as amended;
- Federal Decree-Law No. 48 of 2023 Regulating Insurance Activities;
- Federal Decree-Law No. 32 of 2021 Concerning Commercial Companies;
- Federal Law No. 8 of 2004 on the Financial Free Zones;
- Cabinet Decision No. 23 of 2009 Concerning the Fees for Supervision, Control and Insurance Transactions, as amended;
- Cabinet Decision No. 7 of 2019 Concerning the...