UAE – Foreign ownership helps promote insurance
Wednesday, 06 28 2017, Category: Insurance and Reinsurance, Country: U.A.E
There is a consensus among insurance sector executives and experts that increasing foreign shareholding in insurance companies strengthens the growth of the sector, helps increase returns, and promotes partnerships with local companies. A large number of foreign insurance companies seeks to establish business in the UAE given the investment incentives offered by the UAE federal government, so the Insurance Authority’s regulatory reform will open up growth opportunities.
The council of ministers approved the legal change for the minimum capital of insurance companies and replaced Article No 4 of the decision No 42 of year 2009 with a new text that says that the minimum ownership for UAE or/and GCC citizens is at least 51% of capital.
Source: Economic Al Khaleej