IFRS 17 & UAE Regulatory LandScape Insurance Financial Reporting Standards (IFRS) 17 represent a new and unprecedented international reporting and disclosure regime for the insurance industry [1]. IFRS 17 takes effect in January 2021 [2]. There have been many publications and a wealth of information on the reporting and disclosure standards in IFRS 17 offering…
The Capital Markets Authority (CMA) in Oman, the financial regulator, has released the new mandated medical insurance Law, Unified Health Insurance Policy and the Health Insurance Rules under Decision No.78/2019 through Resolution No 34/2019 – For the Issue of Unified Healthcare Insurance Policy Form. Introduction The Health insurance market embraces itself for another mandated health…
Expo 2020 will be hosted in Dubai at the end of the year for 173 days, which brings much excitement and potential world trade and business opportunities to the region. While the Emirates of Dubai has developed exponentially over the last several years, (both in terms of trade and commerce, and the construction of new…
Promotions Arsalan Tariq has been named Partner at BSA Al Rashdi & Al Barwani Advocates and legal consultants. Practicing since 2009, Arsalan specializes in Islamic and conventional finance, bilateral and syndicated project finance, acquisition finance, Islamic product development, cross-border financing and financial restructuring. Arsalan will continue working from BSA’s DIFC office in Dubai, attending events…
While the overall economic slowdown and disruption in the market has had some impact on the insurance sector as well, the UAE insurance market still seems to be going strong. Market reports state that Loss Ratios continue to present a positive outlook and the total written premium of the Industry for the half-year ended 2019…
The Middle East currently places much of its capacity through the global reinsurance markets, where much of the risk is ceded out to these markets, according to Mr Simon Isgar, Partner & Head of Insurance, BSA Ahmad bin Hezeem & Associates LLP. This has provided immense opportunities to the global reinsurance markets, including the London…
Resolution No 34/2019 – For the Issue of Unified Healthcare Insurance Policy Form Introduction The Health insurance market embraces itself for another mandated health insurance law in the Sultanate of Oman. Residents in Oman will be required to have in place a minimum level of medical insurance coverage with minimum benefits pursuant to the prescribed…
Brexit was a decision that shook the financial world. On June 23rd 2016, a sliver of a majority voted for the United Kingdom to exit the European Union (EU). The schism caused consternation, and the possible impacts of such a move saw the GBP plummet 10% the day the news came to light. Clarity has…
Michael Kortbawi and Raghad Hammad contribute to the UAE Chapter of The Legal 500: 2nd Edition Insurance & Reinsurance Comparative Guide. This country-specific Q&A gives a pragmatic overview of the law and practice of insurance & reinsurance law in the United Arab Emirates (UAE). It addresses topics such as contract regulation, licensing, penalties, policyholder protection, alternative dispute resolution as well as personal insight and opinion…
This Chapter is the cornerstone for claims for professional negligence in the United Arab Emirates (UAE). Gross negligence is not defined in the UAE Civil Code; however, the wording of Article 383 of Federal Law No. 5 of 1985 on the Civil Transactions Law of the United Arab Emirates (UAE) indicates if the conduct is…
We are happy to announce the collaboration between BSA and International Comparative Legal Guides (ICLG) on the ICLG Insurance & Reinsurance Legal Guide for the year 2018. Michael Kortbawi, Partner at BSA’s Dubai office, a prominent Middle Eastern Insurance lawyer, has been a longtime contributor to regional Insurance legal guides for a number of publishers. In…
It is crucial for businesses to start the preparation process early, as an understanding of the potential impact of VAT on the business will reduce friction in the ongoing process. VAT liabilities are generally self-assessed, with errors often leading to harsh penalties, time-consuming interactions with local tax authorities, or business disruptions. Raghad Hammad, Senior…