DIFC: corporate life-insurance onboarding

DFSA-authorised insurers can write direct insurance for risks situated in DIFC or offshore from the UAE, within their permissions. Check risk location and licence before accepting the proposal; the framework does not grant unrestricted direct cover for mainland UAE risks.

Verify the policyholder

Obtain home-registry records, business details and the ownership structure. The UAE registry guide identifies local registration authorities. Apply DFSA AML 7.3's customer and beneficial-owner checks, including risk-based control enquiries alongside the federal controlling-ownership requirements.

Verify the representative and authority to purchase the cover. Obtain the company mandate and any assignment or financing agreement affecting who may exercise policy rights.

Premiums and beneficiaries

Record the insured person, payer and beneficiary. Obtain evidence explaining third-party premiums or an assignment to a lender.

The federal beneficiary provisions require information at designation and verification at payout or exercise of relevant rights. Apply the additional beneficial-owner checks for a higher-risk corporate beneficiary and the applicable PEP measures alongside DFSA CDD.

Review assignments, early surrender and changes of recipient before processing payment. Obtain the document establishing the recipient's current entitlement and confirm the instruction-giver's authority.