What happens when strict regulation is imposed onto a market that had until that time been barely regulated? Think of Wyatt Earp and his brothers riding into Tombstone, Arizona in the early 1880’s, looking to impose order on the until that time lawless town. The outlaws were forced to flee, but at the same time…
In the aftermath of last year’s Torch Tower blaze in the Dubai Marina amongst other recent fires in Dubai and other Emirates, a number of questions have been raised regarding the rights of tenants where their apartment has been damaged in a fire. It is particularly difficult for tenants when they have to move out…
Michael Kortbawi, Partner – Insurance and Reinsurance discusses why insurers in the regions should invest in sectors with which they are best acquainted. To read full article CLICK HERE and go to page 20. Published:October 2015 Title:Insurers should focus on core strengths Practice: Insurance & Reinsurance Author:Michael Kortbawi
Iran Sanctions Agreement The 14th July announcement that the Islamic Republic of Iran and the E3 + 3 nations (the United States, Great Britain, France, Germany, Russia and China, together also known as the P5 + 1) have, after long running negotiations, entered into a comprehensive agreement whereby Iran accepted substantial limits on its…
In an attempt to address recent criticisms targeted at its complex and time-consuming registration procedures and in order to attract significant foreign investments, perceived as a means of counterbalancing a decrease in oil prices and deficit in budgets, the Saudi Arabian General Investment Authority (“SAGIA”), has embarked upon a comprehensive overhaul of the framework governing…
The Saudi General Investment Authority (SAGIA) and the Ministry of Commerce and Industry (MOCI) have recently announced that they were preparing joint studies to implement the directives of King Salman, following his latest visit to the US, aimed at allowing US and other foreign investors to fully own retail and wholesale businesses in the Kingdom.…
As the UAE continues its ascent towards fully digitising all government services, significant progress has been made in the healthcare sector. From a regulatory standpoint, it is interesting therefore to observe the development of the regulations surrounding medical data in the UAE. Federal Law It is well established that the UAE does not have dedicated…
The UAE is booming despite turmoil in the surrounding area and a depressed oil price, and firms expect a further boost when sanctions against Iran are lifted. Senior Associate, Barry Greenberg discusses this in a panel. What have been the highlights of 2015 so far for you and what sort of market trends do you…
The UAE Federal Insurance Authority (IA) has recently issued its new Resolution 7 of 2015, amending Resolution 9 of 2011 (issued by the Board of Directors of the Insurance Authority), concerning the instructions to license and regulate the control of the activities of the companies to manage medical insurance claims. This Resolution contains several important…
The job of an Insurance Regulator is not easy. The Regulator is called upon to make determinations that from time to time, will adversely affect the interests of a group or particular entity, and will thereafter face intense criticism from that group or entity. Meanwhile, the group or entity that benefits from that same determination…