MENA insurance: quarterly regulatory update (May 2014)

Analysis

This is the twelfth in a series of quarterly legal and regulatory updates focusing on the GCC insurance market as written by the Clyde & Co insurance & regulatory team and published by MENA Insurance Review. The review has been updated to 30 April 2014.

United Arab Emirates

Insurance Authority

Insurance Authority Circular No. 4/2014 to insurance brokers re cancelling Insurance Authority Resolution No. 543/2006 (In force)

On 24 February 2014, the Insurance Authority published Circular No. 4/2014, reminding insurance brokers that the new Insurance Brokers Law was published in the Official Gazette of 28 November 2013, repealing Resolution No. 543/2006 Concerning the Practice of Insurance Brokers Profession.

Insurance Authority Circular No. 5/2014 to insurance brokers re Article 26 of Insurance Authority Resolution No. 15/2013 (Insurance Brokerage Regulations-In force)

On 24 February 2014, the Insurance Authority published Circular No. 5/2014, requesting insurance brokers to adjust their capital positions within a year, in accordance with Article 26 of the new Insurance Brokerage Regulations.

Insurance Authority Circular No. 6/2014 re paying supervision fees ( In force)