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…
Click here to view PDF Published: November 2017 Publication: Premium Magazine Title: Run-Off: Why it Matters Authors: Michael Kortbawi
Click here to view the article online. Published: November 2017 Source: Arab news Title: Insurance hike expected for Dubai high-rises after fires Authors: Michael Kortbawi
Click here to view the Press Release in PDF. Published: August 2017 Title: Insurance Changes on the Way in the UAE Author: Raghad Hammad
As a market participant, it is crucial to effectively communicate with the regulator to avoid pitfalls that arise out of misunderstandings with regard to expectations and applicable standards, explains Barry Greenberg. Anyone engaged in the UAE insurance market, whether on behalf of an insurer, claims administrator, broker, advisor, or other capacity, is aware that the…
During the last couple of years, several towers in Dubai have burst into flames. Tamweel Tower in Jumeirah Lakes Towers in November 2012, The Torch in Marina in February 2015, Address Hotel in Downtown on New Year’s Eve 2015, Sulafa Tower in July 2016: just to name a few, big enough to make the news.…
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…
As population and legislative change drives GCC insurance market growth, Michael Kortbawi and Amira Janine El Masry of Bin Shabib & Associates look at the current regulatory position. What is happening and why? “According to a report by A.M Best on insurance market growth in emerging markets, this market experienced 21% growth in the GCC…