In May 2012, the UAE Insurance Authority (the Authority) issued
a consultation document outlining a new regime for the regulation
of insurance intermediaries (the Draft Regulations), which would
replace the current regulations that date back to December 2006.
Few would disagree with the need for regulatory overhaul of the
distribution channels and roles played by insurance intermediaries,
but do the new Draft Regulations meet the need for the UAE
insurance industry? This article looks at some of the industry
requirements and whether the new Draft Regulations measure up.
What does the UAE insurance market
require?
As one of the pillars of a strong
economy, the insurance sector needs to provide effective services
in the management of risk, of which the distribution network
provides a key part. Insurance intermediaries are a key part
of that supply chain. Whilst the UAE economy has been rapidly
developing with the emergence of Dubai and Abu Dhabi as
