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United Arab Emirates

Trading rights in the United Arab Emirates

Lloyd's Permissions

Permitted
Lloyds Underwriters are permitted to write Open Market insurance of Dubai International Financial Centre (DIFC) and Abu Dhabi Global Market (ADGM) risks only. (see below for detail).

Note: Lloyd’s is not licenced to write UAE business located outside of the DIFC and ADGM free zones. Any UAE business located outside of these free zones must be insured with a locally licensed insurer. Lloyd’s underwriters may write reinsurance of such risks

Doing multinational business in the United Arab Emirates

DIFC/ ADGM only

Lloyds Underwriters are permitted to write Open Market insurance of Dubai International Financial Centre (DIFC) and Abu Dhabi Global Market (ADGM) risks only.  

All underwriting must take place outside of the UAE. Local policies are not required to be issued.

Risks must be introduced to underwriters either by a broker or insured and not solicited.

UAE

Multinational covers including any risk located in the UAE outside of the DIFC and ADGM free zones must make use of a locally licensed fronting partner.

Key information

Intermediaries

DIFC/ ADGM

Intermediaries must be authorised by the Dubai Financial Services Authority (DFSA) and Financial Services Regulatory Authority (FSRA) respectively. Solicitation of risks by Lloyd’s Underwriters is not permitted.

UAE

Intermediaries must be authorised by the Central Bank / Insurance Authority. Intermediaries are not permitted to place business with non-admitted insurers.


Wordings

DIFC/ ADGM

No specific requirements are placed on wordings or the language of insurance contracts for risks located in the DIFC and/or the ADGM.

UAE

Translations of insurance policies into other languages are permitted, but the Arabic version will prevail in the event of a dispute.


Claims

DIFC/ ADGM

Local claims payments are permitted. A locally licensed adjuster needs to be used for all claims.

UAE

Claim payments must come from the local insurer. A locally licensed adjuster needs to be used for all claims.

Disclaimer:

These country profiles and Crystal are provided for information purposes; they do not constitute solicitation of business and are not intended to be a substitute for appropriate professional advice.

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