UAE's Ins. Authority delays new life regulations
Monday, 04 06 2020, Category: Insurance and Reinsurance, Country: U.A.E
The UAE Insurance Authority has postponed the roll-out of its new life insurance regulations by six months, the regulatory body said in a circular.
The new rules for life insurance and family takaful, which are set to offer greater transparency for customers and apply commission caps to the sale of protection products, were due to take effect on April 16, according to the circular on the IA’s Arabic website. However, this has been pushed back until October 16.
“The period granted for implementing the provisions of Board of Directors Resolution No. (49) of 2019, concerning the Instructions on Life Insurance and Family Takaful Insurance, shall be extended for an additional six months starting from April 16, “ the IA circular stated.
The UAE Insurance Authority first proposed an overhaul of the life insurance sector in 2016 to improve how savings, investment and life insurance policies are sold. At the time, the regulatory body said it had received “an alarming number of complaints” from residents mis-sold long-term savings products.
Source: The National – UAE