The Insurance Pooling Agreement serves as a crucial document for insurers seeking to collaborate in the UAE market to share risks and manage large or complex insurance exposures collectively. This arrangement is particularly valuable when individual insurers may not have sufficient capacity or expertise to handle certain risks independently. The agreement, governed by UAE insurance regulations and overseen by the Insurance Authority (now part of the Central Bank of UAE), establishes the legal and operational framework for pool participants, defining their rights, obligations, and risk-sharing mechanisms. It becomes especially relevant for specialized insurance sectors such as aviation, marine, or catastrophic risks, where risk sharing is essential for market stability. The document must comply with Federal Law No. 6 of 2007 and related regulations, while potentially incorporating Sharia-compliant structures when operating as an Islamic insurance pool.
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1. Parties: Identification of all participating insurers and the pool administrator
2. Background: Context of the agreement, purpose of the insurance pool, and general objectives
3. Definitions: Detailed definitions of technical terms, including insurance-specific terminology and pool-related concepts
4. Pool Formation and Structure: Legal structure of the pool, participation requirements, and regulatory compliance statements
5. Membership Rights and Obligations: Detailed responsibilities and rights of pool members, including financial commitments and operational duties
6. Risk Sharing Mechanism: Methodology for sharing risks, premium allocation, and claims distribution among pool members
7. Financial Arrangements: Premium handling, claims settlement procedures, pool account management, and investment policies
8. Pool Administration: Role and responsibilities of the pool administrator, decision-making processes, and administrative procedures
9. Claims Management: Procedures for claims handling, settlement authority levels, and claims reporting requirements
10. Accounting and Reporting: Financial reporting requirements, accounting standards, and audit procedures
11. Risk Management: Risk assessment procedures, underwriting guidelines, and risk control measures
12. Confidentiality and Data Protection: Provisions for handling confidential information and compliance with data protection laws
13. Term and Termination: Duration of the agreement, renewal provisions, and termination circumstances
14. Dispute Resolution: Procedures for resolving disputes, applicable law, and jurisdiction
15. General Provisions: Standard contractual clauses including notices, amendments, and severability
1. Sharia Compliance: Required when the pool operates under Islamic insurance principles, detailing Sharia governance and compliance requirements
2. Reinsurance Arrangements: Included when the pool collectively purchases reinsurance or has specific reinsurance arrangements
3. Investment Committee: Required when the pool maintains significant investments requiring dedicated oversight
4. Technical Committee: Included when specialized technical oversight is needed for complex risks
5. Pool Expansion Provisions: Required when the pool anticipates adding new members or expanding coverage scope
6. Multiple Currency Provisions: Needed when the pool operates across different currencies
7. Takaful Specific Provisions: Required for Islamic insurance pools operating under Takaful principles
8. Sanctions Compliance: Required when pool members operate in or deal with sanctioned territories
1. Schedule 1 - Pool Participants: List of all pool members with their respective participation shares and contact details
2. Schedule 2 - Risk Acceptance Criteria: Detailed underwriting guidelines and risk acceptance criteria
3. Schedule 3 - Premium Allocation Method: Detailed methodology for calculating and allocating premiums among members
4. Schedule 4 - Claims Handling Procedures: Detailed procedures for claims processing, documentation requirements, and settlement authorities
5. Schedule 5 - Financial Reporting Templates: Standard formats for financial reporting and accounting procedures
6. Schedule 6 - Investment Guidelines: Detailed investment policies and procedures for pool funds
7. Schedule 7 - Service Level Agreements: Performance standards for pool administration and claims handling
8. Appendix A - Governance Structure: Detailed organizational structure and governance procedures
9. Appendix B - Required Regulatory Filings: List of mandatory regulatory reports and filing deadlines
10. Appendix C - Pool Member Voting Rights: Detailed voting procedures and rights allocation among members
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