New comprehensive regulatory framework could offer much needed
consistency and clarity.
A joint financial services regulator, which will fundamentally
change regulation of the insurance sector in the United Arab
Emirates, could be established in 2020.
Regulation of financial services in the UAE is currently the
responsibility of two separate bodies: the Securities and
Commodities Authority, which oversees banking and investment; and
the Insurance Authority, which oversees insurance activities. In
late 2019, a ten-member committee was formed by the UAE government
to assess the implications of a merger and make recommendations to
the Cabinet and prepare the proposed legislation.
