UAE Insurance Authority & Securities & Commodities Authority Merge

BSA Ahmad Bin Hezeem & Associates LLP (“BSA”) are pleased to support the recent exciting merger of the United Arab Emirates Insurance Authority & Securities & Commodities Authority into one financial regulatory body overseeing the authorisation and regulation of insurance and investment as one regulatory body. The UAE Federal Government formally announced the merger of these two regulators as it did with other Government Ministries. This is a positive change for the UAE insurance market consolidating dual regulation into one framework. This will benefit UAE public listed insurance companies as well as investment advisors under one regulatory regime and legal framework avoiding dual authorisation and dual regulation, which has often caused complexity and uncertainty in the market.

Authored by Partner and Head of Insurance/Reinsurance,Simon Isgar

Virtual Hearings in arbitration: are they as effective as they are efficient?

Technology has been quick to address the need for a remote conduct of arbitration hearings, from the very early stages of the current pandemic.

Efficient, affordable, and generally reliable tools have been developed to ensure that all parties in attendance have audio-visual access to each other, as well as to digitised hearing bundles and live transcripts.

Authored by Partner,Antonios DimitracopoulosFCIArb

UAE Drone Law announced to provide new opportunities and boost Dubai’s aviation sector

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai issued Law No. (4) of 2020 (the “Law”) on Saturday, 3 July 2020, regulating drone activity in Dubai.

Aside from military-purpose drones, which are exempt, this law applies to the activity of all types of drones across Dubai and its free zones. The new regulations aim to reduce the risks associated with drone activity by laying out a framework for the duties and responsibilities of relevant authorities as well as drone operators.

Authored by Associate,Taronish Mistry

Insurance Distribution in Europe & Wider Implications for the Middle East Insurance Market

Insurance distribution in the Middle East has taken traditional form over the years, either through insurance brokerages or on a direct basis and to a limited extent through banks and agents. While the age of insurtech is upon us, the Middle East markets have not taken up or embraced the concept as much as other international markets. This in part is down to the legislature frameworks of the Middle East finding a way to fit within the pace of technology, which is often way behind technological developments. However, we may see this change in due course in terms of how other insurance markets have embraced technology with insurance distribution and how this might impact on the Middle East. One such market is Europe, which may actually have an indirect impact on the Middle East markets given that much of the insurance risk is ceded out to this market.

Authored by Partner and Head of Insurance/Reinsurance,Simon Isgar