Explore our strategic vision of creating a leading, independent complaint resolution authority dedicated to fairness and efficiency in the UAE's financial and insurance sectors.
The Central Bank of the UAE will have oversight and supervision over Sanadak in critical matters related to:
Appointment of the Chairperson and Board members.
Approval of the annual report, annual budget and accounts.
Approval of the strategic plan for a period of three years.
Sanadak will charge the following fees:
Annual Levy
Fee levied by Sanadak on Licensed Financial Institutions (LFIs) and Insurance Companies annually. The amount of the Annual Levy shall not exceed those sums necessary to fund the operations of the Sanadak.
Case Fees
Fee levied by Sanadak on the Licensed Financial Institutions (LFIs) or the Insurance Companies for each complaint closed by Sanadak during a financial year (regardless of when the complaint was referred to the Sanadak).
Supplementary Levy
Licensed Financial Institutions (LFIs) and Insurance Companies may be required to pay a Supplementary Levy to cover the costs of establishing and maintaining the operation of Sanadak in the event the Annual Levy and Case Fee are insufficient to meet the objectives of the Sanadak
Appeals Fee
Fee levied by Sanadak on the appellant of a complaint to the Appeals Committee or Insurance Dispute Resolution Committee (IDRC), which may, at the discretion of Sanadak, be refunded when the determination of the complaint is in favor of the appellant.
For further details, kindly refer to Article 6: Funding.
