In a bid to ensure more effective organisation of the insurance market and to meet the needs of large market growth expected over the coming period, a draft federal law on regulating the UAE Insurance Authority, IA, was discussed Sunday by the Federal National Council.
The meeting, held by the FNC Financial, Economic and Industrial Affairs Committee, discussed the best ways to boost the legislative base for the regulation of the insurance sector by reviewing provisions of a federal law to amend some articles of the Federal Law No 6 for the year 2017, on the establishment of the Insurance Authority and regulating its workings.
"The rapid urban growth taking place in the UAE has reflected positively on the insurance sector as insurance premium rates increased in number and volumes, which necessitates a more robust legislative base to accommodate the new developments and to ensure more resilience for this significant sector," said Salim Abdullah Al Shamsi, Head of the Committee.
The meeting was attended by IA representatives, who were headed by Ibrahim Obaid Al Zaabi, IA Director General.

Source: WAM