Abstract
New regulations are on the horizon for the UAE's
fast-growing insurance market, which accounted for 40 billion AED
in premiums and 73.7 billion AED in assets in 2016. BSA Ahmad Bin
Hezeem and Associates LLP (BSA) hosted HE Ibrahim Obaid Al Zaabi,
the Director General of the UAE Insurance Authority where he talked
about his vision for the future and then answered questions at an
event which was held on 24 May 2017 at the Capital Club DIFC.
Analysis
What was the most interesting point about this
development?
There are 13 upcoming new development and regulations from the
Insurance Authority over the next three years. With draft circular
12 on life insurance and Takaful, this is definitely one of the hot
topics in the insurance market at the moment. However the issuing
of Regulation 7 on the preparation and issuing of a legislative
framework for the licensing of reinsurance companies is also
important as once in force it will impact on
