NOTES TO FINANCIAL STATEMENT
Insurance and other payables
| 2019 | 2018 | |
| AED | AED | |
| Payables-inside UAE | 36,388,131 | 39,214,704 |
| Payables-outside UAE | 9,063,591 | 11,288,131 |
45,451,722 |
50,502,835 |
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 payables as follows:
Inside UAE:
| 2019 | 2018 | |
| AED | AED | |
| Due to insurance and reinsurance companies | 16,296,783 | 19,222,578 |
| Due to brokers and agents | 4,840,464 | 2,870,019 |
| Due to policyholders | 4,179,711 | 3,787,871 |
| VAT output tax payable (Net) | 2,942,986 | 3,083,912 |
| Unearned commission on premium ceded | 2,664,562 | 2,357,958 |
| Related party payables (Note 19) | 1,000,000 | 3,074,856 |
| Claims payable | 776,868 | 2,644,900 |
| Due to reinsurance companies – inside UAE | 59,531 | – |
| Other accrued expenses | 3,627,226 | 2,172,610 |
36,388,131 |
39,214,704 |
Outside UAE:
| 2019 | 2018 | |
| AED | AED | |
| Funds held for reinsurers | 7,281,246 | 6,597,090 |
| Due to insurance and reinsurance companies | 1,782,345 | 4,691,041 |
9,063,591 |
11,288,131 |
