UAE – Modernizing Takaful Insurance Regulations
Friday, 06 12 2015, Category: Insurance and Reinsurance, Country: U.A.E
The Insurance Authority is seeking the Takaful insurance regulations issued during year 2010.
The Director General of the Insurance Authority His Excellency Mr. Ibrahim Zaabi told “Al Roeya” that the Takaful Insurance Regulations is the first of its kind in the Arab world and the most comprehensive one in the Islamic world.
He indicated that the Insurance Authority issued last year two decisions which include the financial regulations of the financial, technical, investment and accounting activities of the insurance companies and Takaful insurance companies operating in the country.
He clarified that these instructions is a major step forward in developing the regulatory framework and financial rules to boost the performance of the local insurance market and protect the policyholders and shareholders’ rights.
He added “the instructions tackled the legal and regulatory aspects of the sector, whereas the current financial regulations address the financial and technical aspects regulating the activities of national and foreign insurance companies operating in the country”.
Source: Al Roeya - UAE