Insurance Authority and Abu Dhabi Global Market sign a Memorandum of Cooperation
Wednesday, 11 25 2015, Category: Insurance and Reinsurance, Country: U.A.E
The Insurance Authority (IA) and the Financial Services Regulatory Authority of Abu Dhabi Global Market (ADGM) have today (Monday, 23 November 2015) jointly signed a Memorandum of Understanding (MOU) to enhance mutual cooperation on areas including supervision of insurance business and the exchange of relevant regulatory information and oversight.
The signing ceremony took place at the Insurance Authority's headquarters in Abu Dhabi. The MOU was signed by HE Ibrahim Obaid Al Zaabi, the IA Director General for the Insurance Authority and by HE Ahmed Ali Al Sayegh, Chairman of ADGM and Mr. Richard Teng, CEO of the ADGM’s Financial Services Regulatory Authority, in the presence of and a number of senior officials from both parties. HE Ibrahim Obaid Al Zaabi expressed his pleasure for signing the MOU with ADGM to achieve the vision and strategic objectives of the IA in the field of control, development of the local insurance market and promote the competitiveness of the UAE insurance industry at the global level.
He confirmed that the signed MOU would contribute to the consolidation of the IA’s efforts to establish the UAE insurance market on the latest legal, technical and financial foundations and ensuring the continued integrity of the conditions of the insurance sector in a manner that best serve the interests of the national economy.
AL Zaabi said, "It is through the framework of cooperation which will be provided by the MOU will promote the exchange of information mechanisms that would support the supervisory and regulatory instruments for the sector and the companies involved; and thus, would help achieve the common objectives in line with the economic and development trends in the United Arab Emirates.