In simple terms, insurance is a contract which enables an individual to seek indemnification of one’s losses or damages from the other party who takes a premium payment in advance from that individual for this purpose. Whereas, reinsurance is when the insurance company purchases an insurance policy from another insurance company to avoid solely bearing of the risk of indemnifying the insured. Federal Law Number 6 of 2007 concerning the Establishment of the Insurance Authority and Regulation of Insurance Operations (the Insurance Law) is the dedicated legislation which provides with comprehensive legal provisions governing the insurances in the United Arab Emirates (UAE). The insurance companies and policies are regulated by the Insurance authority for all the on-shore entities, whereas, the entities formed under the free zone area are regulated by the Dubai Financial Services Authority (DFSA) for the Dubai International Financial Center (DIFC) and for Abu Dhabi Global Market (ADGM) by its insurance regulations. Fotis International Law Firm, houses a team of committed and excellent insurance lawyers who have mastered all the essential provisions regulating insurance companies and insurance policies in UAE both for registered and licensed onshore and free zone insurance companies. Our team of well-trained and unparalleled insurance lawyers are able to professionally and flawlessly assist clients with the following requirements but not limited to these:

  • Provide with extensive guidance on how to set-up insurance companies and what are the classes of insurance that they can provide the customers with as per the UAE’s Insurance Law;
  • Assist the foreign insurance companies to operate under UAE by obtaining license from the competent authority;
  • Regulatory compliances;
  • Obtaining trade licenses;
  • Representing clients whose insurance policy was breached and successful securing the remedies as sanctioned by the provisions of Insurance Law;
  • Representing clients in litigation matters against the insurance companies with regards to any fraud or breach of trust;
  • Providing legal assistance on matters involving trademark disputes;
  • Disputes arising out of insurance brokers and agents’ contracts;
  • Provide guidance on the legal provisions governing Takaful Insurances (Sharia-based insurance policies);
  • Provide legal support with regards to the corporate governance of the insurance company;
  • Wide-range of Insurance litigations and provide regulatory advice;
  • Reclaiming of the premium paid by the policy holders in cases of where the insurance company is found to have conducted business with a non-approved entity;
  • Professionally handle the bankruptcy cases on behalf on the insurance and reinsurance companies;
  • Have been able to successfully represent individuals under the provision governing the customers rights with regards to insurance policies;
  • Representing the cases of third-party insurance or reinsurance claims.

Our team of insurance experts are the best source to go to for any kind of legal assistance and guidance with regards to insurance system in UAE, for their through knowledge of the subject allows them to deliver apt and bespoke legal counsel and assistance.