bs-preloader__icon
ru kz en

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.

Share
read also
Does unit-linked insurance have a future in Kazakhstan?
Does unit-linked insurance have a future in Kazakhstan?

The opinion of Azamat Yerdessov, the Board Chairman of JSC LIC Freedom Finance Life, ...

What income can insure against pension risks?
What income can insure against pension risks?

In order to lead a normal life upon retirement, you need to take care of additional i...

Asian insurance market is almost catching up on North America
Asian insurance market is almost catching up on North America

This market has a huge potential. Foreign insurers have already begun to buy shares o...

The most interesting materials of the site you have in the mail! Subscribe to the newsletter.

ASK A QUESTION TO THE EXPERT
ASK A QUESTION TO THE EXPERT
Submit your application