UAE – 5 requirements for bancassurance
Tuesday, 07 24 2018, Category: Banking, Country: U.A.E
The “Insurance Authority” imposed five conditions on traditional insurance and Takaful companies in order to market insurance contracts through banks.
The insurers practicing bancassurance have to obtain approval from the “central bank”, they have to appoint an employee that can market insurance at the bank, they have to submit the written draft agreement signed between the insurance company and the customer of the bank, they have to provide training and any other conditions set by the Authority have to be implemented.
Source: Al Khaleej