Insurance House P.J.S.C. Condensed Interim Financial Statements

Notes to the condensed interim financial statements (continued)

For the period ended 31 March 2023

6 Statutory deposits

In accordance with the requirement of Federal Law No. 6 of 2007, as amended, concerning Insurance Companies and Agents, the Company maintains a bank deposit amounting to AED 6,000,000 as of 31 March 2023 (31 December 2022: AED 6,000,000) and it cannot be utilized without the consent of the Central Bank of the U.A.E. (“CBUAE”).

7 Premium and insurance balances receivable

Inside UAE:

In accordance with the Board of Directors’ Decision Number 25 of 2014 pertinent to the Financial Regulations for Insurance Companies, the Company has categorized the insurance receivables as follows: