The President of UAE, His Highness Shaikh Khalifa bin Zayed Al Nahyan on 3 July 2006 issued Federal Law No. 16 for 2006, amending some provisions of Federal Law No. 9 for 1984 on insurance companies and agents.
According to article 1 of the Federal Law No.16, article 11 of the Federal Law No. 9 for 1984 shall be substituted with the following text: "Established insurance companies in the UAE, or those which shall be incorporated, must take the form of public joint stock companies and that their shares shall be nominal. At least 75 per cent of the capital must be owned by natural persons and body corporate wholly owned by UAE citizens."
Articles 2 states that the law shall be published in the official gazette and comes into force upon publication.