UAE – Bancassurance law finalized
Tuesday, 09 19 2017, Category: Insurance and Reinsurance, Country: U.A.E
The Insurance Authority in collaboration with the Central Bank of the UAE, insurance companies operating in the local market, and union of banks finalized the draft law regulating the marketing and sales of insurance contracts through banks, which is known as “bancassurance”.
Informed sources working in the insurance sector told “Al Ittihad” that the “bancassurance” law regulates the issuance and sales of contracts by licensed insurance companies inside the state without allowing insurance companies outside the state in order for premiums not to flee the country. Banks will have to sign agreements with insurance companies in order to market and sell contracts.
Source: Al Ittihad