UAE: Insurance and securities regulators ink cooperation pact
Source: Middle East Insurance Review | Jun 2018
The UAE Insurance Authority (IA) and the Securities and Commodities Authority (SCA) have signed an MoU to establish mutual cooperation between the two parties to enhance the standard of financial services and develop the insurance sector and capital market in the country.
The two sides also aim to enhance cooperation in the fields of legislation, licensing and control of insurers and companies that engage in activities requiring licensing from both parties.
They also agreed to exchange regulatory information and related supervisory information, including the exchange of draft regulations, finalised regulations, instructions and decisions that each party intends to issue which affect the regulatory requirements of the companies and entities subject to the supervision and control of either party in order to enhance and ensure compliance with legislation and regulations.
In respect of insurance products associated with financial products (securities, commodity contracts, derivatives, structured products, or any foreign securities), the SCA will provide insurers with its requirements.
Exchange of information
The MoU also provides for the exchange of insurers’ corporate governance reports, financial statements and reports of insurers and companies with joint licences from both regulators and information about holders of key positions in insurers and companies licensed by both parties.
The agreement also stresses cooperation in the field of training and technical assistance through the exchange of training experience and information, and technical cooperation in the field of financial practices for specific technical issues related to the responsibilities of the parties. M