New Members

MEMBERSHIP

The Membership

IBG membership shall consist of all insurance companies, reinsurance companies, insurance brokers, reinsurance brokers, insurance consultants, actuaries, loss adjusters, and Third Party Administrators (TPA) that are members of the Dubai Chamber of Commerce & Industry and are registered with the competent authority in UAE. Such members shall have the right to vote, elect and nominate for the membership of the Board of Directors.

Membership Terms & Conditions

1 -  IBG Board of Directors shall conduct the registration of the working members of IBG. The Board may also issue its decision involving acceptance of new members that wish to join IBG.

2 -  All future members who wish to join IBG shall submit to the Chairman of IBG the following documents along with an application duly signed by the respective authorized signatory:

A - A certificate issued by the Ministry stating that the applicant is registered in the Register of insurance companies or agents or the other relevant occupations as the case may be in accordance with the provisions of the Law, and is licensed to operate in Dubai.

B - A certificate issued by the applicant's duly authorized representative showing the name of the applicant's representative in IBG. Such representative shall be at least of the rank of,

1. General Manager in the event of a national company or
2. The Chief Executive of the branch or Regional office in the event of a foreign company.

C-  The amount of membership application fee.

D -  Any other documents required by Board of Directors

Membership Application

The membership application shall be considered by the Board of Directors at its first meeting following the date of the receipt of such application. The Board shall issue its decision to accept or reject the application, and its decision in the event of rejection must be justified.

Duties of a Member

Upon obtaining IBG membership a member shall observe the following:

1 -  Accept IBG’s Articles of Association and by-laws and observe the decisions issued by IBG’s General Assembly and the  Board of Directors.

2 -  Seek to achieve IBG’s objectives and refrain from any act that is detrimental to IBG or discrediting its goodwill.

3 -  Pay the annual subscription fee in accordance with the provisions of Article (12) of these Articles of Association.

4 -  Refrain from breaching the professional ethics and standards of behavior.

5 -  Refrain from acting in any illicit manner that will be detrimental to the members, the insurance profession or to third parties.

6 -  Refrain from carrying out any illegal speculations.

7 -  Refrain from posting any false advertisements or that are in violation of the provisions of the law and the other laws in force in the UAE.

8 -  Refrain from breaching the mandatory regulations, decisions and agreements issued by IBG or the Board of Directors within the scope of the IBG’s objectives.

Loss of Membership

A member shall lose its membership in IBG according to Board's decision in one of the following events:

1 -  If its registration with the Ministry or the Chamber is cancelled.

2 – If it is disqualified by any competent authority or the court from conducting its business for any reason whatsoever.

3 -  Default in payment of the membership fees within three months from the date  of receiving a written notice from the Board of Directors requiring such payment.

4 – A decision by the Board of Directors to cancel the membership from IBG provided such decision is justified.

Reinstatement of Membership

A member who has lost its membership for any reason whatsoever may submit to the Board of Directors a request for reinstatement of its membership. The request must explain the reasons and include the documents confirming that the causes for the loss of membership ceased to exist. Such request shall be discussed by the Board of Directors in order to issue an appropriate decision which shall be justified in the event of rejection.

Annual Membership Fee

The annual membership fee shall be as follows:

AED 2000 (Two Thousand Dirhams) paid once immediately upon the acceptance of the membership.  This amount shall be for period up to the calendar year ending 31st December each year and shall become due thereafter on 1st January of each year.

The Board of Directors may modify the annual subscription fee whether by increasing or reducing the same.

Membership Application

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