Creation of an independent body to monitor brokers

The association of Emirati insurers has called for the establishment of an independent management body responsible for the regulation of the profession of brokers. Faced with fierce competition from various brokers, insurers are demanding more control over intermediaries and the establishment of a code of conduct. Local brokers are required to comply with the regulation and to prepare for the market's opening to foreign competition, which is due to start within the next five years.