UAE: The IA issued a nationalization guidebook for the insurance sector
Monday, 06 20 2016, Category: Insurance and Reinsurance, Country: U.A.E
The Insurance Authority issued a nationalization guidebook for the insurance sector in the context of the application of the Cabinet decision on the nationalization strategy to be adopted in the banking and insurance sectors.
As quoted by the Director General of the Insurance Commission, H.E. Ebrahim Obaid Al Zaabi, the guidebook aims at implementing a new strategy in order to promote the participation of nationals in boosting the insurance market’s competitiveness, as well as the creation of an attractive business environment for national executives, while developing their skills and expertise in line with the insurance labor market needs. Al Zaabi added that the new strategy aims at pushing citizens toward occupying advanced positions in the sector, increasing the nationalization rates according to a points-based system, and promoting the participation of nationals in the labor market based on a comprehensive and clear vision that supports the principles of UAE Vision 2021.
Source: Emarat Al Youm