UAE: More insurance regulations to be issued this year
Source: Middle East Insurance Review | Mar 2017
The UAE Insurance Authority (IA) plans to issue new regulations this year to foster growth in the sector, including rules covering bancassurance and dispute resolution, said the head of the country’s insurance regulator.
“We have a number of regulations and instructions that are to be issued in 2017. We are also keen on developing alternative dispute resolution methods,” Mr Ebrahim Obaid Al Zaabi, Director General of the IA, told Zawya in a recent email interview.
He also said that new guidelines will be issued this year to regulate the 35 firms in the country which offer actuarial services.
In recent years, the regulator has been active in revising insurance laws and regulations to boost the industry. The IA has issued rules to organise the operations of insurance agents and financial advisers to tighten up how insurers are to invest their funds and how much exposure they could have in a particular asset class, and to enhance governance.
Innovative Insurance Product Award
Meanwhile, the IA has also announced that a competition has been launched for its Innovative Insurance Product Award which will recognise innovative practices and products that handle challenges of the insurance sector well. The Award aims to promote research and innovation, and will be given to the company which goes beyond the boundaries of the insurance sector in the UAE through: launching an innovative product or new value; providing innovative service(s) that effectively meets the customers’ requirements; and technological innovation.
All entries will be evaluated by an independent evaluation committee, and shortlisted finalists will undergo an interview. The evaluation criteria include: the effect of the innovative product/practice on the insurance market and/or type of business; customers’ needs satisfaction; and creativity.
Participants must have a licence from the IA. The closing date is 29 October 2017.