UAE – Bancassurance under supervision
Thursday, 02 11 2016, Category: Insurance and Reinsurance, Country: U.A.E
The Insurance Authority confirmed that banks do not issue insurance policies and do not pay claims. Moreover, the insurance activities of banks are under supervision in collaboration with the Central Bank of the UAE.
The Insurance Authority clarified to “Al Roeya” after an inquiry made by a reader Mr. Faisal Mustafa from the Western region “Are the insurance activities of banks such as life insurance being supervised by the Insurance Authority? And what are the criteria used in order to determine rates and premiums especially given that some customers are compelled to pay them?”
The Authority added that the banking activities in this field are only limited to banking under the label “bancassurance”.
Source: Al Roeya - UAE