UAE – Adoption of new insurance law
Wednesday, 12 06 2017, Category: Insurance and Reinsurance, Country: U.A.E
Members of the Federal National Council on Tuesday passed changes to Law No. 6 of 1997 on the Insurance Authority that regulates companies that are licensed to perform operation of cooperative insurance, Takaful insurance, reinsurance and insurance in general. The authority regulates both conventional insurance and Sharia-compliant insurance called Takaful.
The changes were introduced in the insurance dispute resolution system to save time, effort and money involved and reduce the backlog of cases in courts.
The new rules, which require to be signed into law by President His Highness Shaikh Khalifa Bin Zayed Al Nahyan, empowers the Insurance Authority to set up specialised committees to resolve insurance disputes.
The new rules also empower the authority to set prices and regulates rights and obligations and establishing funds to protect and remedy persons.
The authority is also empowered under the draft law to impose fines on insurance companies and appoint experts for inspection and auditing.
Source: Gulf News