Middle East News - UAE: Insurance Authority signs MoU with Abu Dhabi Global Market
Source: Middle East Insurance Review | Jan 2016
The UAE Insurance Authority (IA) and the Financial Services Regulatory Authority of Abu Dhabi Global Market (ADGM) have signed an MoU to enhance mutual cooperation in areas including supervision of insurance business and the exchange of relevant regulatory information and oversight.
The MoU was signed by Mr Ebrahim Obaid Al Zaabi, Director General for the IA, Mr Ahmed Ali Al Sayegh, Chairman of ADGM, and Mr Richard Teng, CEO of the ADGM’s Financial Services Regulatory Authority.
The MoU establishes a framework for IA and ADGM to continually strengthen and improve mutual cooperation and supervision of the insurance industry. The framework seeks to foster greater open communication and the exchange of relevant regulatory and supervisory information and ensure compliance with laws, regulations and regulatory requirements.
The scope of collaboration includes sharing of experiences in insurance supervision, control and inspection techniques, setting up discussion groups, organising and participating in joint inspection tasks, and participation in industry conferences and training.
Mr Al Zaabi said that the cooperation between the two sides would contribute to the consolidation of the IA’s efforts to keep the UAE insurance market abreast with the latest legal, technical and financial developments and ensure the continued integrity of the conditions of the insurance sector in a manner that best serve the interests of the national economy.
He said: “It is through the framework of cooperation which will be provided by the MoU that will promote the exchange of information mechanisms that would support the supervisory and regulatory instruments for the sector and the companies involved; and thus, would help achieve common objectives in line with the economic and development trends in the UAE.”
Mr Teng said: “By leveraging our regulatory expertise and strengths, we can jointly promote our common objective in providing and maintaining the highest standards and practice of insurance-related services in Abu Dhabi and beyond.”