New Insurance Regulations On The Drawing Board

New regulations, including reinsurers, are on the horizon for the UAE's fast-growing insurance market, according to Mr Ibrahim Obaid Al Zaabi, Director General of the UAE Insurance Authority (IA).

Speaking at a seminar in June organized by the law firm BSA Ahmad Bin Hezeem & Associates on the latest insurance regulatory development, Mr Al Zaabi outlined new laws in the pipeline including: preparation and issuance of legislative frameworks for the licensing of reinsurance companies; draft law for licensing offices of insurance companies; draft law for licensing offices of insurance companies; draft law for licensing offices of insurance companies; draft law concerning electronic insurance directives; and new legislative framework for establishment of a compensation fund for the victims of unknown or uninsured vehicle accidents.