UAE – New life insurance regulations
Friday, 04 28 2017, Category: Insurance and Reinsurance, Country: U.A.E
Informed sources in the insurance sector expect new regulations to be issued in the second half of the current year in order to regulate life insurance and family Takaful, control the commissions related to life insurance contracts and protect policyholders’ rights and their savings as well as improve disclosure and transparency in this line of business.
Moreover, the Insurance Authority confirmed in a memo sent to all insurance companies and Takaful companies operating in the country that it will implement specific procedures in order raise standards related to life insurance and family Takaful products in the country.
Source: Al Bayan - UAE