UAE: Regulator spells out bancassurance conditions
Source: Middle East Insurance Review | Sep 2018
The UAE Insurance Authority is requiring all insurers to meet five conditions for marketing insurance policies through banks before they are allowed to carry out bancassurance.
The five conditions are:
- The insurer has to obtain the prior approval of the UAE Central Bank;
- A designated employee from the insurance company has to handle and market insurance policies within the bank’s premises;
- The insurer has to submit a copy of the agreement between it and the customer of the bank so as to serve a reference text;
- The insurer has to provide continuing training; and
- The insurer has to comply with any other conditions set by the Authority.
In addition, insurance agents are to be made aware that the bank is a marketing channel and is not responsible for the terms and conditions of the insurance policies marketed.
The insurer must have a branch in the emirate in which the bank markets the insurance policies of that company. M