UAE: Extending the deadline for composite insurers to comply with the news rules for one more year
Tuesday, 08 18 2015, Category: Insurance and Reinsurance, Country: U.A.E
Managers and workers in the insurance industry said that granting composite insurance companies one more year to separate their life and non-life businesses will give them more time to adjust their positions smoothly without negatively affecting their business; pointing out that this decision will have a positive impact on the insurance sector in the UAE.
They said to « Emarat Al Youm» that they have already initiated the necessary steps to reconcile their operations according to the new resolution, which gives national companies an opportunity to increase their shares of life insurance premiums through a greater focus on this line.
The Insurance Association has already ordered the national and foreign insurance companies operating in the country to separate life insurance from general insurance operations, before the time limit prescribed in the end of August 28.
Source: Emarat Al Youm