The UAE Insurance Industry - Governance, Risk and Compliance

The UAE Insurance Industry - Governance, Risk and Compliance

Summary

GlobalData’s ‘The UAE Insurance Industry - Governance, Risk and Compliance’ report is the result of extensive research into the insurance regulatory framework in UAE.

It provides detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation and transit insurance. The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries.

The report brings together GlobalData’s research, modeling and analysis expertise, giving insurers access to information on prevailing insurance regulations, and recent and upcoming changes in the regulatory framework, taxation and legal system in the country. The report also includes the scope of non-admitted insurance in the country.

The report provides insights into the governance, risk, and compliance framework pertaining to the insurance industry in the UAE, including -

• An overview of the insurance regulatory framework in UAE.
• The latest key changes, and changes expected in the country’s insurance regulatory framework.
• Key regulations and market practices related to different types of insurance product in the country.
• Rules and regulations pertaining to key classes of compulsory insurance, and the scope of non-admitted insurance in the country.
• Key parameters including licensing requirements permitted foreign direct investment, minimum capital requirements, solvency and reserve requirements, and investment regulations.
• Details of the tax and legal systems in the country.

Key Highlights

The UAE’s insurance industry is governed by the IA, which aims to promote stability and confidence in the financial system.

• The foreign direct investment (FDI) limit in the UAE insurance industry was increased from 25% to 49% in June 2017.
• Health insurance was made compulsory for residents in Dubai effective from January 2014.
• Insurance and reinsurance companies in the UAE are not subject to corporate income tax.
• Non-admitted reinsurance is permitted in the UAE.

Scope

• The report covers details of the insurance regulatory framework in the UAE.
• The report contains details of the rules and regulations governing insurance products and insurance entities.
• The report lists and analyzes key trends and developments pertaining to the country's insurance regulatory framework.
• The report analyzes the rules and regulations pertaining to the establishment and operation of insurance businesses in the country.
• The report provides details of taxation imposed on insurance products and insurance companies.

Reasons to Buy

• Provides FAQ-style analytical insights comprising 129 knowledge elements on insurance compliance applicable to the country.
• Gain insights into the insurance regulatory framework in the UAE.
• Track the latest regulatory changes, and expected changes impacting the UAE insurance industry.
• Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the country.
• Understand key regulations and market practices pertaining to various types of insurance product.