Under Decretal Federal Law No. 25 of 2020, the Insurance Authority amalgamated into CBUAE, and the Central Bank of the United Arab Emirates (CBUAE) assumed responsibility for supervising and controlling the insurance industry. This means that, for licensed institutions and activities, all rules, decisions, circulars, and regulations that were previously overseen by the “Insurance Authority” under the UAE insurance law, Federal Law no. 6 of 2007, will remain in effect until CBUAE updates them. Insurance operates in a significantly different way now, so businesses and other stakeholders will need to adapt to the new regulations. Khairallah Law Firm is recognized for its proficiency in UAE insurance law; therefore, if you’re seeking for professional guidance on managing these modifications, you might want to get in touch with them.
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UAE insurance law
Understanding UAE Insurance Law: Who Governs the Insurance Sector in the UAE?
The Central Bank of the UAE takes an active role in overseeing and managing the UAE insurance sector, making sure that everyone follows the insurance laws and regulations. Additionally, its main goal is to create a positive environment that encourages the growth of the UAE insurance industry.
Through all of this, the CBUAE is actively striving for improvement rather than merely checking boxes. It’s not just about figures and rules; it’s about protecting and growing our own economy as well as contributing to the general economic expansion of the United Arab Emirates. Furthermore, in the insurance industry, the CBUAE is actively involved in creating fair and equitable conditions for all parties involved, rather than merely observing from the sidelines. This helps more residents of the UAE become involved in the insurance industry while also ensuring that you have high-quality insurance that won’t break the bank.
Do You Need Health Insurance in the UAE?
In simple terms, if you’re living in Dubai, whether you’re from here or an expat, you and your family need to have health insurance. It’s not just a suggestion; it’s the law, according to the health insurance law in Dubai. Now, if you’re elsewhere in the UAE, like Abu Dhabi, you’re still covered by the same requirement. But if you’re in one of the other emirates, you might want to double-check the rules, because they can vary.
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Understanding the 2023 UAE Insurance Policy Updates and Their Implications Under UAE Insurance Law
The New Insurance Law was officially published in the official Gazette on 31 October 2023 and will take effect on 30 November 2023. It seems that the primary aim of the New Insurance Law is to formalize the transfer of insurance regulation from the Insurance Authority to the UAE Central Bank. In fact, numerous provisions of the 2007 Insurance Law persist, and the New Insurance Law explicitly states that regulations and circulars issued under the 2007 Insurance Law remain valid as long as they don’t conflict with the provisions of the New Insurance Law (Article 114(2)). This indicates continuity in insurance law services.
Understanding Dubai’s Insurance Laws
Insurance companies operating in Dubai are subject to a set of regulations that govern their service delivery, client priorities, and financial obligations. They also have to give the Insurance Authority vital information about their liabilities, assets, and specifics regarding their brokers and agents.
In accordance with UAE insurance law, foreign insurance companies that open offices in Dubai must register and obtain licenses. Not only must the businesses themselves be licensed, but also their brokers and agents. It is mandatory for reinsurers to obtain a license and register with the Insurance Authority. It is anticipated that each of these businesses will follow accounting standards and furnish yearly financial statements and documentation as required.
UAE insurance law
Understanding the Implications of the New Federal Insurance Law in UAE
On October 31, 2023, the United Arab Emirates (UAE) announced a new Federal Insurance Law, Decree No. 48 of 2023, in the UAE Official Gazette (Issue No. 762), which is where all the official laws and decrees are published by the UAE Federal Government. This law became effective on November 30, 2023.
Basically, Decree No. 48 of 2023 is a big deal because it moves the responsibility for regulating insurance from the Insurance Authority of UAE to the UAE Central Bank (The Central Bank).
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Conclusion
When you’re dealing with any sort of problem or challenge, you can always rely on Khairallah Law Firm to have your back.
With the best lawyers in Dubai on their team, they’re known as the top law firm in the city. So, if you find yourself in a tough spot, don’t hesitate to reach out to Khairallah for assistance.
