ARTICLE · 27 APRIL 2011

Regulation Watch: GCC Insurance Sector

Clyde & Co

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This is the first in a series of quarterly legal and regulatory updates focussing on the insurance market in the GCC region published by Clyde & Co LLP's Insurance & Regulatory team.

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Previously published in the MENA Insurance Review

UNITED ARAB EMIRATES
Insurance Authority
Title	Status	Summary
Insurance Authority Board of Directors Resolution No. 4 of 2010 - Takaful Insurance	In force from 29 July 2010	The Insurance Authority (IA) has published resolution No. 4 of 2010 concerning Takaful Insurance. The Takaful Regulations provide for the establishment of a Supreme Committee for Fatwa and Shari'a Supervision within the IA that is empowered to issue rulings on Shari'a issues binding upon the Takaful operators in the UAE. The Takaful regulations provide that Islamic insurance shall be undertaken using either a wakala or combined wakala / mudaraba model. A Takaful subscription agreement is to be issued to policyholders as distinct from the Takaful policy describing the insured risks.

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