UAE Ins. Authority Issues Circular on Coronavirus (COVID-19)
Tuesday, 03 10 2020, Category: Insurance and Reinsurance, Country: U.A.E
Circular No. (3) of 2020 on Precautionary and Preventive Measures to Maintain Public Safety, Health and Prevent Spread of Coronavirus (COVID-19) (“COVID-19 Circular”), addressed to all insurance companies and insurance-related professions operating in the UAE, provides guidance from the Insurance Authority on precautionary and preventive measures to maintain public health in the workplace and ensure continuity of business related to the outbreak of COVID-19.
Based on an informal translation of the COVID-19 Circular, we summarize below the salient features:
• Companies should adopt the necessary policies and take measures that reduce the risks associated with the consequences of Coronavirus on the insurance sector in the UAE;
• The company should form an appropriate policy in relation to dealing with company’s customers and the policyholders affected by the virus. The policy must be based on its financial position, solvency, and liabilities, and the company will remain responsible for the decisions taken in this regard;
• The company should provide Disaster Recovery Plans to ensure business continuity, and the plan must include the essential roles in the company, provision for equipment’s to ensure work can be carried out remotely, funds required for this plan and approval from the company management for such costs;
• The company must apply to all its employees and customers, all conditions and instructions in relation to precautionary and preventive measures issued by the relevant authorities in relation to Coronavirus, such as quarantine in case of travel from high-risk countries, whether for work or for personal reasons or any other instruction issued by the authorities;
• The company should consider cancelling all internal events within the workplace and also participation in conferences, workshops, trainings or meetings within and outside UAE;
• The company should consider safety measures such as requesting employees to work remotely and also consider flexible working hours for working mothers;
• Set-up and publish a phone number for responding to emergencies, which can be used by the company’s customers for any enquiries that they may have.
The issuance of the COVID-19 Circular reaffirms the commitment of UAE towards excellence in governance and of always being prepared for any eventuality.