The Legal 500: 2nd Edition Insurance & Reinsurance Comparative Guide

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…

New VAT Implications Impacting The Region – Key Measures To Consider For Insurers In The GCC

  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…

New UAE Funds Regulation and its Effect on Insurers

New UAE Funds Regulation and its Effect on Insurers In June 2016, the UAE Securities and Commodities Authority (the “Authority”) issued Authority Chairman Resolution No. (9/R.M) of 2016 Concerning the Regulation of Mutual Funds (the “Regulation”), which will become effective upon publication in the Official Gazette. Authority Chairman Resolution No. (10/R.M) of 2016 has also…

Tightening The Screw – Insurance Authority Prudential Regulations

Recent moves in the UAE and Oman mean an increasingly regulated Islamic Insurance sector throughout the GCC region. Barry Greenberg and Raghad Hammad of BSA examine these changes and their impact. What’s happening and why? The UAE has recently enacted new prudential Takaful regulations covering the Takaful insurance market and Oman is introducing similar  regulations.…