UAE: IA to launch new regulations
Source: Middle East Insurance Review | Nov 2015
The UAE Insurance Authority (IA) will be launching a new set of regulations around insurance policies to govern the banking sector by 2016, said media reports. The IA is currently working with the country’s Central Bank to draft the regulations.
The Authority is also set to launch regulations for the insurance of vehicles this year, said its Director General Ebrahim Al Zaabi at an industry event in Abu Dhabi. He said that the IA was in talks with insurance companies to boost regulations on vehicle insurance, and will update its existing rules later this year.
Mr Al Zaabi also shared the IA’s progress in rolling out its services online. “The Authority has succeeded in transferring most of its services that two years ago needed to be done manually into smart services via smart devices,” he was quoted as saying.
Of the Authority’s 47 services for companies and residents that can potentially be done digitally, 38 are now available on smartphones and mobile devices, the reports said. The IA is also looking to launch an app for the Apple watch to allow consumers all-day access to its services.
UAE insurance premiums will grow by 15% this year to AED380 billion (US$103 billion), compared to AED330 billion last year, said Mr Al Zaabi.
AED1 = US$0.27