United Arab Emirates (UAE) Insurance Industry – Governance, Risk and Compliance
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UAE Insurance Industry Regulation Overview
The Central Bank of the UAE (CBUAE) regulates the UAE insurance industry along with other regulators and supervisors including the International Association of Insurance Supervisors (IAIS), Dubai Financial Services Authority (DFSA), Financial Services Regulatory Authority (FRSA), and Emirates Insurance Association (EIA).
The UAE insurance industry governance regulation research report provides a detailed analysis of the regulations for several insurance types including life, property, motor, and liability. The report also gives insights into recent and upcoming changes in non-admitted insurance regulations, taxation, and the legal system. Also, leverage our elaborate procedural review of new company registrations and operations based on key parameters such as license, FDI, minimum capital requirements, and solvency to better understand market avenues.
Key Regulators | · Central Bank of the UAE (CBUAE)
· International Association of Insurance Supervisors (IAIS) · Dubai Financial Services Authority (DFSA) · Financial Services Regulatory Authority (FRSA) · Emirates Insurance Association (EIA) |
Compulsory Insurances | · Motor Third-Party Liability Insurance
· Aviation Liability Insurance · Marine Liability Insurance · Professional Indemnity Insurance · Social Security Insurance |
Key Taxes | · Tax on Insurance Premium
· Value Added Tax |
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UAE Insurance Industry – Key Regulators and Legislation
Central Bank of the UAE (CBUAE): The CBUAE oversees the insurance industry in the UAE and ensures a suitable environment to secure lives, properties, and liabilities against various risks. Some of the key responsibilities carried out by the CBUAE include protecting the rights of the depositors, policyholders, and beneficiaries; protecting the integrity and stability of the system; and identifying, assessing, measuring, monitoring, and controlling the key risk factors that licensed institutions are exposed to.
International Association of Insurance Supervisors (IAIS): The IAIS is a membership-driven global organization representing insurance regulators and supervisors. It formulates and issues various global insurance principles, standards, and guidance, provides training and support on issues related to insurance supervision, and organizes meetings and seminars for insurance supervisors. The IAIS works closely with other financial sector standard-setting bodies and international organizations to promote financial stability.
The laws regulating the UAE insurance industry are:
- Federal Law No. 6, 2007
- Ministerial Decree No. 54, 1987, which governs motor third-party liability insurance in the country
- Federal Law No. 26 of 1981, which governs Maritime Trade Law
- Law No. 23 of 2005, which regulates the health insurance only in Abu Dhabi
- Law No. 11 of 2013, which regulates health insurance in Dubai
- Federal Law No. 10 of 2008, which governs medical liability insurance
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UAE Insurance Industry - Compulsory Insurance
A few of the compulsory insurances required within the UAE insurance industry are:
- Motor Third-Party Liability Insurance
- Aviation Liability Insurance
- Marine Liability Insurance
- Professional Indemnity Insurance
- Social Security Insurance
Compulsory Insurance in the UAE
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UAE Insurance Industry - Company Registration and Operation
A license is required to operate in the UAE insurance industry. Insurance companies must attain prior approval and an operating license from the IA before any incorporation in the UAE. Moreover, insurance intermediaries can start their operations in the UAE only after their registration with the IA. All actuaries must be licensed by the IA and must be registered in the Register of Actuaries, before practicing any professional activity. In addition, the license must be renewed on an annual basis. Insurance consultants and insurance producers must mandatorily obtain prior approval as well.
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UAE Insurance Industry – Taxation
Tax is imposed upon insurance premiums within the insurance industry in the UAE. The other tax imposed is Value Added Tax.
Value Added Tax (VAT): A standard VAT rate applies to insurance companies in the UAE, following the reforms introduced by the Ministry of Finance (MoF) in 2017. All classes of insurance and commissions paid to intermediaries are subject to the standard VAT rate. Furthermore, all insurance brokers must furnish an insurer with a proper tax invoice on services supplied within 14 days.
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Scope
This report provides:
- Details of the insurance regulatory framework in the UAE.
- Details of the rules and regulations governing insurance products and insurance entities.
- Lists and analysis of key trends and developments in the country’s insurance regulatory framework.
- Analysis of the rules and regulations for the establishment and operation of insurance businesses in the country.
- Details of the taxation imposed on insurance products and insurance companies.
Key Highlights
- The UAE’s insurance industry is governed by the IA, which aims to promote stability and confidence in the financial system.
- Health insurance was made compulsory for residents in Dubai effective from January 2014.
- Insurance and reinsurance companies in the UAE are not subject to corporate income tax.
- Non-admitted reinsurance is permitted in the UAE.
Reasons to Buy
- Provides FAQ-style analytical insights comprising 129 knowledge elements on insurance compliance applicable to the country.
- Gain insights into the insurance regulatory framework in the UAE.
- Track the latest regulatory changes and expected changes impacting the UAE insurance industry.
- Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the country.
- Understand key regulations and market practices about various types of insurance products.
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Frequently asked questions
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Which is the key regulator of the UAE insurance industry?
The Central Bank of the UAE (CBUAE) is the key regulator of the UAE insurance industry.
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Which other bodies oversee the UAE insurance industry?
The International Association of Insurance Supervisors (IAIS), Dubai Financial Services Authority (DFSA), Financial Services Regulatory Authority (FRSA), and Emirates Insurance Association (EIA) are the regulatory and supervisory bodies that oversee the operations of the UAE insurance industry.
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Which are the compulsory insurances required within the UAE insurance industry?
A few of the compulsory insurances required within the UAE insurance industry are motor third-party liability insurance, aviation liability insurance, marine liability insurance, professional indemnity insurance, and social security insurance.
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What are the taxes imposed upon the UAE insurance industry?
Tax is imposed upon insurance premiums within the insurance industry in the UAE. The other tax imposed is Value Added Tax.
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