Regulatory Changes for Insurance Disputes in the United Arab Emirates and the existing Insurance Dispute Committee in the Kingdom of Saudi Arabia BSA are often instructed by the London market for coverage advice pending disputes between cedant and reinsurers. Many of those treaty terms will be governed by the laws of various Middle East jurisdictions…
The United Arab Emirates (UAE) Insurance Authority recently published the Insurance Authority Board of Directors’ Resolution No. 18 of 2020 on Electronic Insurance Regulations dated 27 April 2020 (“the Regulation”). The first draft of these regulations was published in January 2019, and after public consultation and discussion, a revised draft was published in December 2019,…
The UAE Insurance Authority issued Board of Directors’ Resolution No. (14) of 2020 on the Amendment of Some Provisions of the Insurance Authority Board of Directors’ Resolution No. (15) of 2013 Concerning Insurance Brokerage Regulations dated 30 March 2020 (“the Resolution”). The Resolution allows, subject to a submitted application and consent of the Insurance Authority…
Risks and Trends for 2020 – Authored by Martin Kreuzer, Risk Manager Cyber Risks, Munich Re A Legal & Regulatory Perspective from the Middle East – Authored by Simon Isgar, Partner and Head of Insurance/Reinsurance, BSA As global insurer and reinsurer of cyber risks, Munich Re is closely watching developments of cyberattacks to provide suitable insurance…
The UAE Life Insurance Regulations delayed by 6 months The Insurance Authority issued the Board of Directors’ Decision No. (49) of 2019 Concerning Instructions for Life Insurance and Family Takaful Insurance (“Life Regulations”) in October 2019 with an implementation date 6 months from the date of gazette of the Life Regulations, which were due to…
The COVID-19 pandemic presents opportunities for the tele health/medicine sector to expand the concept of remote healthcare services through technology platforms in the Middle East and beyond. Recently, the United States Federal Government is to push for telemedicine as a care option during the COVID-19 pandemic. BSA’s healthcare legal/regulatory practice often engages with numerous clients…
The recent emergence and rapid spread of the COVID-19 novel coronavirus has resulted in unprecedented disruptions to virtually all aspects of global and locally based commerce, as well as almost everyone’s normal routines. While we collectively and individually should now focus on protecting our personal, family, and greater community health and safety in this emergent…
World Health Organisation (WHO) have officially declared COVID-19 as a pandemic. BSA have already received several instructions regarding coverage advice related to matters arising from the coronavirus. While all efforts are being made by the WHO and Governments around the world to contain the coronavirus and look to develop a vaccine, world business and trade…
Circular No. (3) of 2020 on Precautionary and Preventive Measures to Maintain Public Safety, Health and Prevent Spread of Coronavirus (COVID-19) (“COVID-19 Circular”), addressed to all insurance companies and insurance-related professions operating in the UAE, provides guidance from the Insurance Authority on precautionary and preventive measures to maintain public health in the workplace and ensure…
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 guidance to the insurance industry, many…
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. The Health insurance market embraces itself for another mandated health insurance…
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…