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UAE tightens regulation of life insurance industry

The UAE insurance market is recognized as the largest among the countries of the Gulf Cooperative Council (GCC). At present, there are about 60 insurance companies operating in the country: 35 local, 25 international. Besides, the insurance services are provided by brokers, agents and consultants, writes International Advisor.
UAE tightens regulation of life insurance industry

The regulatory authority for insurance in the UAE is the Insurance Supervision Authority. In addition, there is the Dubai Financial Services Authority (DFSA) and the Abu Dhabi Global Market (ADGM), which regulate the insurance industry locally. The health departments of Dubai and Abu Dhabi also maintain supervision over health insurance in these cities.

The new regulatory requirements are largely revolutionary as they address the most critical issues associated with illegal policy sales, including general commission payments, advance payments to agents or brokers.

The regulator set a limit on commission payments (reducing them from 10% to 4.5%) and also issued instructions for the sale of insurance and investment products.

In addition, the customers of insurance companies can now cancel the policy within 30 days.

Source: https://international-adviser.com/advisers-see-red-in-new-uae-life-insurance-rules/

Photos are from open sources.

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