On 23 May 2018, the Board of Directors of the Insurance Authority had issued the decision No. 13 regarding the Instructions Concerning Marketing Insurance Policies through Banks, which opened the door for the insurance companies to expand their distribution channels in the market, especially Life insurance, which reflected in increasing their sales and growing the Bancassurance activities in this industry, along with doubling the partnerships with banking sector (particularly, because the insurer will be able to market its insurance policies with more than one bank), placing even further revival of both sectors with more deals in this regards.

In view of above, the new decision required obtaining approval of the Central Bank together with the Insurance Authority.

• The decision would have a set of conditions to regulate this activity, the most important of them are:  
• Not all kinds of insurance will be marketable through the banks, only some of them, like Life, Health, Motor, Insurance-linked with housing loans, Marine cargo, Fund accumulation operations 
• The insurer may not authorize the bank to market its policies to persons who are not customers of the bank.
• The insurer may not authorize the bank with issuing the insurance policies and addenda, or make any amendments thereto, or even settling the claims, as well as, of course, paying any compensations.
• The insurer when marketing insurance policies through banks, shall comply with the instructions that regulate the commissions pertinent to marketing insurance policies through all distribution channels.
• The relationship between them shall only be limited to establishing a marketing channel, no more.
• The agreement between the two parties must include whether the bank is authorized or not authorized to receive insurance premiums.

Furthermore, two articles (4 & 9) were modified later by the Decision No. (13) of 2018, the first one regarding the Designated Officer who should successfully passed three training courses in insurance or insurance brokerage, and acquiring practical training for a period of no less two months at any insurance company in the same insurance products he is going to market. (After modification it became as follows: acquiring practical training for a period of (30) hours at any insurance company in the same insurance products he is going to market).

The second one: the insurance company shall have a branch in the Emirate where the bank is marketing its insurance policies, in order to enable the insured and beneficiaries to approach the insurance company. (After modification it became as follows: the insurance company shall have a point of sales in the Emirate where the bank is marketing its insurance policies or shall have electronic services that enable customers to communicate with the company to receive their feedback, inquiries, and complaints).

Finally, article number 11 spoke about the compliance with anti-money laundering and combating terrorism financing regulations, while articles number 16 and 17 had set the penalties and appeal ways.