The laws around consumer protection in the UAE are continuously
evolving and on 25 November 2020, the UAE Central Bank issued the
Circular No 8 of 2020, Consumer Protection Regulations (Consumer
Protection Regulations), which are applicable to all "Licensed
Financial Institutions". This was further supplemented by
Consumer Protection Standards (Consumer Protection Standard) issued
by the UAE Central Bank subsequently, for detailed guidance on the
requirements.
In this article, we discuss the Consumer Protection Regulations
and the Consumer Protection Standards, and their applicability to
the insurance sector. Consumer for the purpose of these
instructions has been defined as any natural person or sole
proprietor who obtains or may obtain products or services.
