MENA Insurance: Quarterly Regulatory Update June 2015
This quarterly legal and regulatory update focuses on the insurance market in the GCC region published by MENA Insurance Review, and written by Clyde & Co LLP's Insurance & Regulatory team. The review has been updated to 27 May 2015.
United Arab Emirates Title Status Summary Resolution No. 8 of 2015 27 May 2015 On 27 May 2015, His Highness Sheikh Mohammed Bin Rashid Al Maktoum, the Ruler of Dubai, Vice President and Prime Minister of the UAE issued Resolution No. 8 of 2015, which extends the implementation of Dubai's Health Insurance Law on health-care service providers licensed within Dubai Healthcare City (DHCC). The resolution defines the DHCC authority as the government entity responsible for the implementation of Law No. (11) of 2013 pertaining to health insurance on the health-care facilities registered in Dubai Healthcare City. The Resolution is soon to be published in the Official Gazette. Insurance Authority IA Financial Reporting Electronic Forms In force On 24 May 2015, the Insurance Authority (IA) issued the electronic financial forms (E-forms) related to the financial instructions for the traditional and Takaful insurance companies, which were issued by the IA by the end of 2014 to ensure optimum application of the instructions and boost supervision and oversight over the insurance sector according to the best practices applicable worldwide. The electronic financial forms represent an essential element in determining capital solvency requirements, minimum indemnity amount, and minimum capital that should be maintained by the companies. They include forms to measure the capital required to face the underwriting risks, investment risks, credit risks and operational risks. The Dubai Health Authority IA Financial Reporting Electronic Forms In force The DHA's General Circular Number 3 of 2015 issued on 16 April 2015, specifies that no market participant is allowed to transact any new health insurance business with any intermediary not holding HIIP Conditional Compliance status. All intermediaries who submitted their HIIP and PHIR registrations have been granted 'Conditional Compliance' status, which allows them to continue transacting health insurance business until their applications are validated by the Health Funding Department (HFD). Applicants will be given a deadline of 30 June 2015 to comply with any clarifications from the HFD. United Arab Emirates Standards Notice Number 1 of 2015 In force On 17 April 2015, the DHA...
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