Insurance: New regulations to be developed in the UAE

LawThe Emirati legislator is planning to introduce new laws regulating the insurance activity. The system of actuaries, disclosure standards, control of online activities and the protection of customers' personal data are under consideration.

These texts, expected for the middle of 2020, complement those already in force in 2019, namely the new reinsurance law and the amendments to life and takaful insurance. Another regulatory improvement is the establishment of the Insurance Dispute Resolution Committee in July 2019 in Dubai.

A second office of this organization is about to open in Abu Dhabi. The Emirati insurance market, which has grown strongly over the past 10 years, reported a turnover of 43.7 billion UAD (11.9 billion USD) in 2018. This annual growth rate of around 10% could be maintained for the next few years.

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