UAE – Marine insurance regulation requested
Tuesday, 04 24 2018, Category: Insurance and Reinsurance, Country: U.A.E
Mr. Ayman Khamis, Chairman of the Marine Insurance Technical Committee at the Emirates Insurance Association said that the association seeks to encourage the introduction of insurance regulations on imported goods to the UAE so that these goods are insured inside the UAE. Moreover, the marine hull insurance should not be bought in foreign countries especially the licensed ships that have a UAE license.
Moreover, Mr. Khamis told “Al Economic Bayan” that the suggested regulations will give the choice the insured to choose his insurer in light of the financial strength of each insurer and in light of the awareness about the conditions and exclusions of insurance contracts. Furthermore, premiums should be competitive and not excessive.
Source: Al Bayan