UAE anti money laundering Regulations

AML Regulations and the Impact on the Insurance Industry

In association with Premium Insurance Magazine, BSA will be hosting a webinar discussing ‘Anti-money laundering (AML) regulations and the impact on the insurance industry’. This comes as the UAE Central Bank has issued new guidelines as part of a joint effort between the Supervisory Authorities of the UAE, regarding factors that must be taken into consideration by…

Fast car in Dubai

Emirates Insurance Association: Third Annual Motor Conference

Fair Competition vs Aggressive Competition in Motor Insurance BSA are speaking at the 3rd Annual Motor Conference, hosted by the Emirates Insurance Association, on Wednesday 29 September 2021. Join us for a series of insightful sessions on ‘Fair Competition vs Aggressive Competition in Motor Insurance’. Full details below. EVENT DETAILS Date: Wednesday 29 September 2021…

UAE healthcare and trust law

The Concept of Healthcare / Medical Trust

The following article was originally published for BSA in Premium Insurance Magazine: The Concept of Healthcare/Medical Trust   Can Medical Insurers offer new product structures to gain market share? Health Insurance is by far the largest line of risk, alongside motor insurance in the Middle East. Both lines of insurance tend to be mandatory in several…

Revised Central Bank Guidance regarding Saving and Investment Insurance

On 13 June 2021 the UAE Central Bank issued a circular with reference no. CBUAE/BSD/N/2021/3148 (“the Circular”) addressed to all financial institutions operating in the UAE, offering structured conventional life insurance and takaful investment and saving products (“the Products”). The Circular refers to Central Bank’s Circular of May 2017 which was addressed to banks and…

Consumer protection, insurance, UAE Central Bank

How the new Consumer Protection Regulations impact insureds

The laws around consumer protection in the UAE are continuously evolving and on 25 November 2020, the UAE Central Bank issued the Circular No 8 of 2020, Consumer Protection Regulations (Consumer Protection Regulations), which are applicable to all “Licensed Financial Institutions”. This was further supplemented by Consumer Protection Standards (Consumer Protection Standard) issued by the…

Recent Legal Developments in Business Interruption Insurance – Coverage Issues and Wider Implications perhaps for the Middle East

The English High Court has recently handed down a judgement in a test case related to “Business Interruption” insurance in the context of the COVID19 pandemic, which provides an interesting angle in respect of coverage issues and general English law [insurance] contract interpretation. The Financial Conduct Authority v Arch and Others[1] essentially addressed the legal…

Beirut Blast – You May Have Coverage for Damage

Potential Compensation Sources The tragic and catastrophic explosion that occurred in Beirut, beyond the immediate health and safety concerns, raises important and potentially time-sensitive considerations involving obtaining compensation for property damage sustained due to the blast. While all are most appropriately concerned with the loss of life and serious injuries inflicted upon the population, the…