The Insurance Authority (IA) has issued new financial regulations for both conventional insurance and Takaful companies. These regulations were designed to improve the overall regulatory framework for the insurance business in the UAE.
This year, the regulations were signed into effect, setting out new rules for investment strategies, solvency capital requirements, setting of technical provisions, record-keeping and accounting policies. The regulations include a transition period of up to three years for some parts of the rules.
The new regulations released by the IA are a major step forward in developing risk-based regulation of the insurance industry in the UAE.
In this piece, we discuss some of the key components of the new regulations and what companies should expect as a result.
Read more in the full report.
Presentations given at the recent Milliman Academy are available here:
- "The Financial Regulations: A Legal Perspective"
- "Milliman Academy Workshop: New Financial Regulations for Insurance and Takaful Companies in UAE"
- "Financial Regulations for Traditional and Takaful Insurance Companies"
- "Regulations Pertinent to the Technical Provisions"
- "New Financial Regulations for Insurance and Takaful Insurance Companies--An Overview"
- "Solvency and Solvency Forms for UAE Insurance Companies"
- "Impact of new UAE Insurance regulations on insurance companies' ERM"