UAE – Authorization needed for bancassurance
Monday, 06 04 2018, Category: Insurance and Reinsurance, Country: U.A.E
The Insurance Authority will compel all insurance companies and Takaful companies in the UAE to obtain authorization in order to sell insurance though banks.
In fact, this decision of the “Insurance Authority” No 13 of year 2018 contains all the regulations on bancassurance. The Authority said that an insurance company could no longer sign an agency, brokerage or consulting agreement with banks, so it can only sign a distribution agreement. Insurers can sign agreements with one bank or more and banks are not allowed to sell products to persons who are not clients.
Source: Economic Al Khaleej