Draft of e-insurance regulation in the UAE

EAUThe draft regulation of e-insurance in the United Arab Emirates has not yet been implemented by the Emirati authorities.

Published in early 2019, the text includes new measures regulating all online insurance operations among which premiums collection and claims management. It also establishes a regulatory framework for the marketing of insurance policies by insurers and brokers.

The requirement to obtain a prior authorization for the online marketing of insurance policies is one of the new measures. The owner of a website dedicated to the sale of insurance contracts must provide a detailed action plan of his business, particularly the volume of online transactions planned over three years.

An action plan must also be presented to the supervisory authorities in the event of disruption of online operations. The establishment of an IT department for the management of electronic insurance also becomes mandatory under the new regulations. Failing that, an external provider has to be assigned.

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