UAE – Amendment to minimum capital regulation
Wednesday, 07 12 2017, Category: Insurance and Reinsurance, Country: U.A.E
The Council of Ministers agreed to amend the minimum capital regulations of insurance companies.
According to the amendment, the Article No (4) of the Decision of the council of ministers No (42) of year 2009 was replaced by a new text stipulating that a minimum of (51%) of the capital of the company should be held by citizens or GCC citizens or by companies owned completely by citizens or GCC citizens.
Moreover, the council of ministers will issue the conditions and regulations for shareholding.
Source: Emarat Al Youm