NOTES TO FINANCIAL STATEMENT
Insurance and other payables
| 2021 | 2020 | |
| AED | AED | |
| Payables-inside UAE | 59,787,553 | 53,111,326 |
| Payables-outside UAE |
9,602,688 |
6,875,370 |
69,390,241 |
59,986,696 |
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:
| 2021 | 2020 | |
| AED | AED | |
| Due to insurance and reinsurance companies | 24,803,420 | 24,614,443 |
| Due to brokers and agents | 7,292,919 | 4,528,352 |
| Due to policyholders | 6,273,082 | 4,058,779 |
| VAT output tax payable (Net) | 18,208 | 37,048 |
| Unearned commission on premium ceded | 3,021,801 | 2,734,566 |
| Related party payables (Note 18) | 8,900,000 | 5,773,409 |
| Claims payable | 5,806,174 | 5,313,021 |
| Due to reinsurance companies – inside UAE | 541,774 | 514,942 |
| Other accrued expenses | 3,130,175 | 5,536,766 |
59,787,553 |
53,111,326 |
Outside UAE:
| 2021 | 2020 | |
| AED | AED | |
| Funds held for reinsurers | 5,910,609 | 5,493,611 |
| Due to insurance and reinsurance companies | 3,692,079 | 1,381,759 |
9,602,688 |
6,875,370 |
