UAE – Insurance Authority launches electronic system for brokers
Wednesday, 06 29 2016, Category: Insurance and Reinsurance, Country: U.A.E
The Insurance Authority launched an electronic system, which allows insurance brokerage companies to enter financial statements electronically in order to collect financial data and develop the supervision of the performance of brokerage companies.
The Authority in a statement confirmed that the implementation of this system aims at help developing the insurance brokerage sector and strengthening competition. This move follows the issuance of the insurance brokerage regulations in year 2013, which are considered to be an advanced law to organize this profession in the UAE according to the international best practices in order to improve the work environment of brokers, make sure brokers are qualified and ensure the rights of all concerned parties are preserved.
Source: Emarat Alyoum