UAE – Insurance Authority issues e-forms for insurers’ financial compliance
Tuesday, 05 26 2015, Category: Insurance and Reinsurance, Country: U.A.E
The Insurance Authority (IA) issued the electronic financial forms (E-forms) related to the financial instructions for the traditional and Takaful insurance companies, which were issued by the IA by the end of 2014 to ensure optimum application of the instructions and boost supervision and oversight over the insurance sector according to the best practices applicable worldwide.
The IA requested the traditional and Takaful insurance companies, through a circular issued in this regard, to provide any relevant remarks or perspectives after completing the forms, which are available in Arabic and English on the IA's website, with the financial statements of 2014 and quarterly statements available for 2015.
The electronic financial forms include full analysis of the technical aspects related to traditional and Takaful insurance which include the analysis of financial data, investments, insurance premiums, commissions, expenses, technical provisions, reinsurance, receivables and transactions with related parties, as well as analyses related to the operations of the Takaful insurance companies, which help in decision making at all levels.
By adopting such e-forms, the IA aims at boosting the elements of stability and sustainable growth of the UAE insurance market by ensuring the solvency of the insurance companies and their capabilities to meet all of their obligations in view of the vital role of the insurance sector in the national economy's structure, in addition to protecting the rights of policyholders and policy beneficiaries.
Source: Insurance Authority – UAE