GCC to harmonise insurance rules
Source: Middle East Insurance Review | Jul 2015
GCC ministers have agreed to the formation of a committee to look into unifying insurance legislation across the six member states, according to the Emirates News Agency. The committee will be formed under the framework of the GCC General Secretariat.
The agreement was reached at the 51st Meeting of the GCC Trade Co-operation Committee in Doha in May.
It was noted that there were differences in insurance supervisory authorities among the GCC countries. The views of legal authorities and insurance industry professionals will be sought in coordinating insurance legislation in the GCC.
There have been previous attempts by the GCC members to introduce harmonised insurance regulations. However, little headway has been made because of differences over issues such as capital requirements, foreign ownership and licensing.