Insurance Authority to launch regulations by 2016

The UAE Insurance Authority announced that it would launch a new set of regulations around insurance policies to govern the banking sector by 2016. The Authority is currently working with the country’s Central Bank to draft the regulations.

The federal Authority is also set to launch regulations for the insurance of vehicles this year, according to Ebrahim Al Zaabi, its director general. Speaking at a conference in Abu Dhabi on last month, Al Zaabi said that the Authority was in talks with insurance companies to boost regulations on vehicle insurance, and would update its current set of rules later this year.

Earlier this year, the Authority cancelled the licenses of 16 insurance brokers that did not abide by guidelines issued for the insurance sector in late 2013. The cancellations now leave 142 companies still in operations.