Health Insurance is by far the largest line of risk along side motor insurance in the United Arab Emirates. Both lines of insurance are mandatory, save that health insurance is currently only mandatory in the Emirates of Abu Dhabi and Dubai. With this backdrop, it is important to address whether medical benefits and services can…
On 13 June 2021 the UAE Central Bank issued a circular with reference no. CBUAE/BSD/N/2021/3148 (“the Circular”) addressed to all financial institutions operating in the UAE, offering structured conventional life insurance and takaful investment and saving products (“the Products”). The Circular refers to Central Bank’s Circular of May 2017 which was addressed to banks and…
The laws around consumer protection in the UAE are continuously evolving and on 25 November 2020, the UAE Central Bank issued the Circular No 8 of 2020, Consumer Protection Regulations (Consumer Protection Regulations), which are applicable to all “Licensed Financial Institutions”. This was further supplemented by Consumer Protection Standards (Consumer Protection Standard) issued by the…
The insurance brokerage in the UAE, like the rest of the insurance sector, is regulated by the UAE Insurance Authority. This has merged with the UAE Central Bank, which is now the unified regulator for the banking and the insurance sector. The regulation currently providing statutory guidance on licensing and functioning of insurance brokers in…
The English High Court has recently handed down a judgement in a test case related to “Business Interruption” insurance in the context of the COVID19 pandemic, which provides an interesting angle in respect of coverage issues and general English law [insurance] contract interpretation. The Financial Conduct Authority v Arch and Others[1] essentially addressed the legal…
Two weeks ago, more than 2,000,000 people living in the City of Beirut survived the impact of one of the biggest explosions in the history of mankind. The devastating explosion in the Port of Beirut on August 4, 2020, left the whole world overwhelmed. We were all damaged by this horrible explosion in one way…
Potential Compensation Sources The tragic and catastrophic explosion that occurred in Beirut, beyond the immediate health and safety concerns, raises important and potentially time-sensitive considerations involving obtaining compensation for property damage sustained due to the blast. While all are most appropriately concerned with the loss of life and serious injuries inflicted upon the population, the…
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…
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…
