The BSA Insurance team have contributed the UAE Chapter of the Chambers & Partners Insurance Litigation 2021 guide. The guide provides the latest legal information on alternative dispute resolution (ADR), the enforcement of foreign judgments, the applicability of the New York Convention, coverage disputes, claims against insureds, insurers’ recovery rights, and the impact of COVID-19…
The following article was originally published for BSA in the Oath Magazine and can be downloaded here: UAE Health Data Law. Healthcare data, and information, and its development in terms of how this data/information is protected, is a fast-evolving growth area, challenging both industry and consumers alike in the United Arab Emirates, i.e., where does one start…
Fair Competition vs Aggressive Competition in Motor Insurance BSA are speaking at the 3rd Annual Motor Conference, hosted by the Emirates Insurance Association, on Wednesday 29 September 2021. Join us for a series of insightful sessions on ‘Fair Competition vs Aggressive Competition in Motor Insurance’. Full details below. EVENT DETAILS Date: Wednesday 29 September 2021…
The following article was originally published for BSA by IFC Review. The disruption caused by COVID-19 has had a wide-ranging effect on the world economy and the overall economic slowdown and disruption in the market has impacted the insurance sector as well, but the UAE insurance market seems to have emerged resilient and is…
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…
