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ARTICLE · 24 FEBRUARY 2024

Understanding UAE's New Insurance Regulations: A Comprehensive Guide

Dr Hassan Elhais
Dr Hassan Elhais
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Dr Hassan Elhais

Dr Hassan Elhais

Dr. Hassan Elhais, along with the team of legal consultants and prominent local lawyers across the...

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The New Insurance Law in the UAE, as outlined in Federal Decree-Law No. 48/2023, brings comprehensive regulations to the insurance sector. Covering a wide range of aspects...

United Arab EmiratesInsurance
Hassan Elhais
Hassan Elhais

Introduction

The New Insurance Law in the UAE, as outlined in Federal Decree-Law No. 48/2023, brings comprehensive regulations to the insurance sector. Covering a wide range of aspects, from the scope of implementation to licensing requirements, the law aims to ensure effective governance, transparency, and compliance among insurance companies operating in the country.

Scope Of the Law

The New Insurance Law grants the Board the authority to issue controls governing the operation of these companies within the insurance business. Notably, the provisions of the Decree-Law do not extend to companies operating in Financial Free Zones, except for what is explicitly provided for in the law.

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The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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