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Book an appointment with us, or search the directory to find the right lawyer for you directly through the app.Find out more This month we bring you a special focus on a continent that boasts the world’s largest free trade area, a diverse economic make-up and increasing political stability. The latest edition of Law Update focuses on Africa, a territory that continues to be an attractive business and investment destination. Like the rest of the world, Africa is still re-building from the impact of COVID-19, however, there continues to be an optimistic view of the opportunities the continent presents. An example of the appetite for investment into Africa was captured in a report we commissioned, titled Legal Leaders in MENA. Our survey of legal leaders revealed a resounding desire to expand into new territories, with 81% naming Africa as their investment destination of choice. Read the full edition Siri Hashem - Senior Associate Yazan Al Saoudi - Partner, Transport & Insurance - Insurance October 2016 A company may not practice insurance brokerage in the UAE without obtaining a license from the Insurance Authority. A license is valid for one year and renewable on a yearly basis. It expires at the end of December each year. Companies wishing to obtain a license from the Insurance Authority must meet certain requirements set by the Regulations. Among those requirements, the applicant must be a company incorporated in the UAE under the Commercial Companies Law or a branch of a company incorporated in a foreign country or in a financial free zone in the UAE provided that it is licensed to practice the same types of insurance brokerage. It should also be subject to the same level of regulatory authority and have been in practice for a period not less than five years. The Insurance Authority under the regulations has the power to set additional requirements beside those stipulated in the regulations. The technical staff of the insurance broker should also meet certain requirements set by the Regulations. The insurance Broker must have at least a general manager, operation manager, internal auditor and at least one specialized employee for each type of insurance. The Execution Rules further stipulates specific requirements for each of the said employees and the person responsible for the branch. The insurance broker is required to submit an unconditional bank guarantee payable on demand to the Insurance Authority chairman of the board of directors. This may be liquidated fully or partially at any time in order to guarantee the settlement of the broker’s transactions and obligations arising from his practice toward the insurance companies and his customers. The insurance broker must obtain an insurance policy in favour of the Insurance Authority chairman of the board of directors covering the broker’s professional liability. The value of this policy must be at least AED 2 million for companies incorporated in UAE and AED 3 million for a branch of a company incorporated in a foreign country or in a financial free zone in the UAE. The Regulations set certain obligations which the insurance broker must comply with towards the Insurance Authority, the insurance companies and the broker’s customers. The insurance broker should follow up and collect the premiums on behalf of the insurance companies except those related to life insurance and funds accumulation operation, group health insurance, marine and air transport insurance, vessels hull and petroleum insurances. Federal Law No. 6 of 2007 (in respect of the establishment of the Insurance Authority and Regulating the Insurance Practice) (the “Law”) defines an insurance broker as: “The person mediating independently in insurance or reinsurance operations between the insurance/reinsurance applicant on one hand and the insurance/reinsurance company on the other, and charging, for his services, a commission from the insurance/reinsurance company with which the insurance/reinsurance policy is concluded.” The role of the insurance broker in UAE is not different from that practiced in other jurisdictions. Insurance brokers are not responsible for the default of either the insurance companies or the customers in meeting their financial obligations. The insurance broker is only liable if the broker fails to deliver premiums paid by the customers to the insurance companies, or fails to deliver recoveries paid by the insurance companies to the customers. Despite the fact that the laws in the UAE have defined the role of insurance brokers, in a recent case which Al Tamimi was not involved but which has come to our notice, the Dubai courts held that an insurance broker in a reinsurance brokerage transaction was liable to pay recoveries due to an insurance company from a reinsurance company. The facts of the case, as we understand them, were as follows: The court of First instance appointed an accounting expert who examined the documents including the correspondence exchanged between the Broker and the Reinsured, the accounts and the cover notes. The appointed expert concluded that: The Broker argued that: The Court of First Instance adopted the findings of the expert and held that the Broker was liable to pay to the Reinsured the recoveries claimed under the reinsurance contract. The Broker filed an appeal before the Appeal Court and raised the same arguments. The court appointed an insurance expert who concluded that: However the Appeal Court rejected the findings of the expert and upheld the Court of First Instance judgement, adopting the same reasons as those detailed in the Court of First Instance’s expert’s report. The Broker appealed the judgement before the Cassation court. The court rejected the appeal and confirmed the Appeal Court judgment. The reinsurance contract (second cover note) was concluded between the Broker and the Reinsured. Although the Reinsurer had signed the first cover note, it was the Broker who was liable since he issued the second cover note and the signature of the Reinsurer on the first cover note did not constitute an acceptance of coverage of the insured risks. Conclusion The findings of the Dubai Courts in this case are surprising. It is likely that the court applied general rules of contract and did not take into account the nature of the reinsurance practice followed by the brokers where cover is made by virtue of a cover note. This case is the first of its kind in the UAE and so its conclusions cannot be said to have a lot of weight. Several cases of the same kind have to be heard before the UAE courts to establish a rule on the liability of the insurance brokers for reinsurance claims where reinsurance cover is made through issuing two separate cover notes. It is hoped that future decisions will depart from the findings in this case and uphold the industry practice. Learn how our insurance practice cater to all aspects of the Middle East’s insurance industry, including major regional and international insurers, brokers, third party administrators and reinsurers. To learn more about our services and get the latest legal insights from across the Middle East and North Africa region, click on the link below.
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Česta pitanja Koji su poslovi posrednika u osiguranju Sukladno Zakonu o osiguranju poslovi posrednika o osiguranju obuhvaćaju djelatnost pokretanja, predlaganja ili obavljanja poslova pripreme za sklapanje ugovora o osiguranju odnosno reosiguranju, pomoći pri izvršavanju prava iz ugovora o osiguranju, a posebno pri rješavanju odštetnih zahtjeva naslovljenih na društvo za osiguranje. Za detaljnije informacije o uslugama posrednika u osiguranju pogledati Naše usluge. Tko može obavljati poslove posredovanja u osiguranja Posrednik u osiguranju je fizička osoba koja je dobila ovlaštenje za obavljanje poslova posredovanja u osiguranju te obavlja ove poslove temeljem zaposlenja u društvu za posredovanje u osiguranju. Društvo za posredovanje u osiguranju i reosiguranju je pravna osoba sa sjedištem u Republici Hrvatskoj koja obavlja gospodarsku djelatnost pružanja usluga posredovanja u osiguranju i reosiguranju i koja je dobila dozvolu nadzornog tijela za obavljanje djelatnosti posredovanja u osiguranju i reosiguranju. Poslovi posredovanja u osiguranju i reosiguranju su jedini predmet poslovanja društva. Tko obavlja nadzor nad poslovanjem posrednika u osiguranju Nadzor nad poslovanjem posrednika u osiguranju obavlja Hrvatska agencija za nadzor financijskih usluga (HANFA) koja u slučaju da posrednik ne posluje u skladu sa Zakonom može ukinuti rješenje o odobrenju za rad. Također HANFA izdaje i ovlaštenja za posrednike (fizičke osobe) ukoliko osoba zadovoljava kriterije stručne spreme (VSS), radnog iskustva (minimalno 1 godina radnog staža na poslovima osiguranja), obvezu nekažnjavanja iz područja gospodarskog kriminala te po položenom stručnom ispitu. Na web stranicama HANFE (www.hanfa.hr) objavljen je registar posrednika u osiguranju pravnih osoba kao i registar ovlaštenih posrednika u osiguranju – fizičkih osoba. Koje su dužnosti posrednika prema klijentu? Posrednik u osiguranju i reosiguranju dužan je obavljati poslove posredovanja tako da štiti interese ugovaratelja osiguranja, ugovaratelja reosiguranja odnosno osiguranika. Radi ispunjavanja ove obveze posrednik u osiguranju i reosiguranju je dužan: - načiniti odgovarajuću analizu rizika i odgovarajuća načela pokrića, - pisano obrazložiti razlog svog prijedloga osiguravatelja odnosno reosiguravatelja i izvijestiti ga o visini provizije određene za sklapanje ugovora o osiguranju/ reosiguranju, - u ime ugovaratelja osiguranja odnosno reosiguranja posredovati kod sklapanja - ugovora o osiguranju/reosiguranju koje je sukladno zahtjevu ugovaratelja osiguranja odnosno reosiguranja s obzirom na osigurateljno pokriće, pri čemu ta obveza može biti ograničena samo na određene usluge osiguranja odnosno reosiguranja, ako posrednik u osiguranju o tome izričito obavijesti osiguranika, - obavijestiti društvo za osiguranje odnosno reosiguranje o traženju ponude ugovaratelja osiguranja/ reosiguranja za zaključivanje ugovora o osiguranju/reosiguranju, - uručiti ugovaratelju osiguranja odnosno reosiguranja policu osiguranja odnosno ugovor o reosiguranju te druge akte vezane za ugovor o osiguranju/reosiguranju, - provjeriti sadržaj police osiguranja odnosno ugovora o reosiguranju, - pružati pomoć ugovaratelju osiguranja/reosiguranja odnosno osiguraniku za vrijeme trajanja ugovora o osiguranju/ reosiguranju i to kako prije tako i nakon nastupanja osiguranog slučaja, te se ponajprije brinuti da ugovaratelj osiguranja/reosiguranja odnosno osiguranik poduzme sve pravne radnje koje su bitne za očuvanje odnosno realizaciju prava temeljem ugovora o osiguranju/ reosiguranju poduzima u rokovima određenim za poduzimanje tih pravnih radnji, - stalno provjeravati ugovore o osiguranju/ reosiguranju koje je ugovaratelj osiguranja odnosno reosiguranja zaključio njegovim posredovanjem te izraditi prijedloge za izmjenu ovih ugovora o osiguranju Zašto angažirati posrednika u osiguranju? Zato jer je posrednik u osiguranju: - samostalan i nezavisan te zastupa isključivo interese svojih klijenata - profesionalac koji se isključivo bavi poslovima posredovanja u osiguranju i reosiguranju - ima pristup svim osigurateljima i reosigurateljima na domaćem i svjetskom tržištu Posrednik u osiguranju preuzima odgovornost za poslove koji se odnose na identifikaciju i analizu rizika i njihov plasman u osiguranje. Odgovornost posrednika za usluge koje pruža svojim klijentima popraćena je policom osiguranja profesionalne odgovornosti na iznos 7.500.000 Kn po štetnom događaju te 11.250.000 KN ukupno godišnje. Suradnja s posrednikom u osiguranju od vaše tvrtke ne zahtjeva nikakva dodatna financijska sredstva, a može vam donijeti značajne uštede kroz optimiziranje postojećih ugovora o osiguranju i uštedi vremena i resursa koje biste sami trebali angažirati. Tko plaća usluge posrednika u osiguranju? Sukladno Zakonu o osiguranju plaćanje usluga posrednika u osiguranju su definirane kako sljedi: - posrednik u osiguranju nema pravo zahtijevati od ugovaratelja osiguranja/reosiguranja ili osiguranika plaćanje provizije ili kakvu drugu naplatu osim ako nije isto izričito pismeno ugovorio sklapanjem Ugovora sa ugovarateljem osiguranja/reosiguranja. - ako je posrednik pismeno ugovorio sa ugovarateljem osiguranja/reosiguranja plaćanje svojih usluga, posrednik nema pravo od osiguratelja zahtijevati proviziju ili kakvu drugu naplatu po istom ugovoru o osiguranju. - posrednik u osiguranju ne smije naknadno dogovoriti promjenu načina obračuna odnosno visini provizije za sklopljene ugovore o osiguranju. - pravo na proviziju se stječe početkom važenja ugovora o osiguranju/reosiguranju. Koja je razlika između brokera (posrednika) i zastupnika? Posrednik radi isključivo u ime i za račun svog klijenta, a zastupnik u ime i za račun osiguratelja. Posrednik (broker) traži najpovoljniju opciju na cjelokupnom tržištu osiguranja a kako bi pronašao ili izradio osigurateljno rješenje prilagođeno potrebama svog klijenta dok zastupnik budućem klijentu prezentira standardizirane proizvode koje zastupani osiguratelj nudi. Zašto angažirati posrednika u osiguranju, kada osiguranje mogu ugovoriti direktno s osiguravajućim društvom? Zato jer na tržištu Republike Hrvatske posluje dvadesetak društva za osiguranje koji svojim osigurateljnim proizvodima pokrivaju 112 rizika podijeljenih u 25 skupina. Ukoliko niste u potpunosti upoznati sa proizvodima koji se nude na osigurateljnom tržištu i financijskoj kredibilnosti i stabilnosti pojedinog osiguratelja smatramo da je najbolje da za taj posao angažirate posrednika u osiguranju. Posao posrednika je da vam pripremi osigurateljno rješenje prilagođeno upravo vašim potrebama i predloži osiguratelja koji je u mogućnosti pružiti vam najoptimalnija pokrića i premiju osiguranja. Također potrebno je spomenuti da angažiranje posrednika predstavlja svojevrsnu garanciju sigurnosti i profesionalnosti što je posebno izraženo kod poslovanja sa kreditorima (financijskim institucijama) te kod poslovanja na stranim tržištima.