UAE – New financial regulations strengthen insurance
Wednesday, 12 21 2016, Category: Insurance and Reinsurance, Country: U.A.E
His Excellency Eng. Sultan Al Mansoori, Minister of Economy of the United Arab Emirates and Chairman of Insurance Authority said that the new financial regulations that are in accordance with the European Solvency II standards will help manage risks and they represent a leading example in the Middle East as a regulatory framework for the insurance sector.
This was said in the seminar organized by KPMG in Dubai for insurance companies in the country in order to shed light on the leading practices related the new regulations, which were adopted by the Insurance Authority in the UAE.
KPMG encouraged insurance companies in the UAE to start preparing for the Value Added Tax and the changes introduced in the International Financial Reporting Standards as well as consider the impact of the new regulations on the insurance sector, which were implemented in the beginning of the year.