UAE: Insurance regulator to build electronic financial database
Source: Middle East Insurance Review | Oct 2018
The UAE Insurance Authority (IA) is in the process of establishing a sophisticated electronic financial database on the insurance industry that would facilitate its supervision of the sector in accordance with international best practices.
The regulator aims to move to the next generation of supervision over the insurance sector using the electronic financial platform.
The IA is keen on increasing the contribution of the insurance sector to the GDP by better regulating the sector, providing the right environment as well as raising the performance of insurance companies and related professions, reported Al Khaleej.
To complement legislation governing the sector, the Authority is currently studying several draft laws that will contribute to the development of the sector, covering areas such as reinsurance broking, bancassurance and the formation of a dispute settlement committee. M