NOTES TO FINANCIAL STATEMENT
Insurance and other payables
| 2020 | 2019 | |
| AED | AED | |
| Payables-inside UAE | 53,111,326 | 36,388,131 |
| Payables-outside UAE |
6,875,370 |
9,063,591 |
59,986,696 |
45,451,722 |
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:
| 2020 | 2019 | |
| AED | AED | |
| Due to insurance and reinsurance companies | 24,614,443 | 16,296,783 |
| Due to brokers and agents | 4,528,352 | 4,840,464 |
| Due to policyholders | 4,058,779 | 4,179,711 |
| VAT output tax payable (Net) | 37,048 | 2,942,986 |
| Unearned commission on premium ceded | 2,734,566 | 2,664,562 |
| Related party payables (Note 18) | 5,773,409 | 1,000,000 |
| Claims payable | 5,313,021 | 776,868 |
| Due to reinsurance companies – inside UAE | 514,942 | 59,531 |
| Other accrued expenses |
5,536,766 |
3,627,226 |
53,111,326 |
36,388,131 |
Outside UAE:
| 2020 | 2019 | |
| AED | AED | |
| Funds held for reinsurers | 5,493,611 | 7,281,246 |
| Due to insurance and reinsurance companies |
1,381,759 |
1,782,345 |
6,875,370 |
9,063,591 |
