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

Notes to the financial statements (continued)

For the year ended 31 December 2022

6 Statutory deposit

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 December 2022 (31 December 2021: AED 6,000,000) and it cannot be utilized without the consent of the Central Bank of 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: inside is as follows: