Effecting Contracts of Insurance

Underwriting insurance contracts as an insurer — the core insurance activity. Covers general insurance (property, liability, marine) and life insurance. Subject to AFSA Insurance Business Rules and significant capital and solvency margin requirements determined by AFSA on a case-by-case basis.

Carrying on Contracts of Insurance

Managing and running off existing insurance contracts — including claims handling, policy administration, and reserves management for policies previously effected. Often used by run-off specialists and captive managers.

Insurance Management

Managing the business of an insurer on its behalf — policy administration, claims management, underwriting management, and reinsurance arrangement services. Minimum capital requirement revised under AFSA Notice AFSA-Q-OA-2020-0025.

Insurance Intermediation

Arranging insurance contracts between insurers and policyholders — covers insurance brokers, agents, and consultants. A lower capital requirement than direct underwriting, making it an accessible entry point for international insurance intermediaries entering the AIFC market.

Operating a Representative Office

Foreign insurance companies may establish a non-commercial representative office within the AIFC for liaison, market research, and marketing purposes — without obtaining a full insurance licence. A low-cost market entry option before committing to a full AFSA authorisation.

Takaful Business

Shariah-compliant insurance — participants contribute to a mutual indemnity pool. AIFC Takaful framework supports both Family Takaful (life-equivalent) and General Takaful (non-life). Part of the AIFC’s Islamic finance hub strategy for Central Asia.