UAE – 2018 insurance regulations and beyond
Thursday, 02 22 2018, Category: Insurance and Reinsurance, Country: U.A.E
As the UAE continues to diversify its economy, including in the aviation, health, education, logistics, tourism, construction and retail sectors, there will be complimentary growth in the underwriting of risks associated with these businesses. To facilitate this growth, in 2017 His Excellency Ibrahim Obaid Al Zaabi, the Director General of the IA, announced that 13 new regulations will be implemented over the next three years including, for example, the introduction of regulations on reinsurance.
For foreign insurers and investors looking to capitalise on the growing insurance market, it remains to be seen whether insurance will be one of the sectors identified in the much-anticipated UAE investment law, which will allow up to 100% foreign ownership of onshore UAE companies. The draft law is awaiting approval of the UAE Federal National Council, and, according to His Excellency Sultan bin Saeed Al Mansouri, UAE Minister of Economy, is expected to be issued in the first quarter of 2018.
Source: Kennedys Law