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Market Research Report

Governance, Risk and Compliance - The UAE Insurance Industry

Published by GlobalData Product code 348028
Published Content info 80 Pages
Delivery time: 1-2 business days
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Governance, Risk and Compliance - The UAE Insurance Industry
Published: September 1, 2018 Content info: 80 Pages
Description

GlobalData's "Governance, Risk and Compliance - The UAE Insurance Industry", report is the result of extensive research into the insurance regulatory framework in the UAE.

It provides detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation and transit insurance. The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries.

The report brings together GlobalData's research, modeling and analysis expertise, giving insurers access to information on prevailing insurance regulations, and recent and upcoming changes in the regulatory framework, taxation and legal system in the country. The report also includes the scope of non-admitted insurance in the country.

The report provides insights into the governance, risk and compliance framework pertaining to the insurance industry in the UAE, including -

  • An overview of the insurance regulatory framework in the UAE.
  • The latest key changes, and changes expected in the country's insurance regulatory framework.
  • Key regulations and market practices related to different types of insurance product in the country.
  • Rules and regulations pertaining to key classes of compulsory insurance, and the scope of non-admitted insurance in the UAE.
  • Key parameters including licensing requirements, permitted foreign direct investment, minimum capital requirements, solvency and reserve requirements, and investment regulations.
  • Details of the tax and legal systems in the country.

Key Highlights

  • The UAE's insurance industry is governed by the Insurance Authority, which aims to promote stability and confidence in the financial system.
  • The Insurance Authority is planning to introduce a new insurance law to promote driver safety.
  • 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.

Scope

  • The report covers details of the insurance regulatory framework in the UAE.
  • The report contains details of the rules and regulations governing insurance products and insurance entities.
  • The report lists and analyzes key trends and developments pertaining to the country's insurance regulatory framework.
  • The report analyzes the rules and regulations pertaining to the establishment and operation of insurance businesses in the country.
  • The report provides details of taxation imposed on insurance products and insurance companies.

Reasons to buy

  • 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 pertaining to various types of insurance product.
Table of Contents
Product Code: GDIS0008RR

Table of Contents

1 INTRODUCTION

  • 1.1 What is this Report About?
  • 1.2 Definitions

2 GOVERNANCE, RISK AND COMPLIANCE

  • 2.1 Legislation Overview and Historical Evolution
  • 2.2 Latest Changes in Regulation
  • 2.3 Legislation and Market Practice by Type of Insurance
    • 2.3.1 Life insurance
    • 2.3.2 Property insurance
    • 2.3.3 Motor insurance
    • 2.3.4 Liability insurance
    • 2.3.5 Marine, aviation and transit insurance
    • 2.3.6 Personal accident and health insurance
  • 2.4 Compulsory Insurance
    • 2.4.1 Motor third-party liability insurance
    • 2.4.2 Health insurance
    • 2.4.3 Medical liability insurance
    • 2.4.4 Workmen's compensation insurance
    • 2.4.5 Professional indemnity insurance for insurance brokers
    • 2.4.6 Third-party liability insurance for unmanned aircrafts
    • 2.4.7 Insurance for sailors
    • 2.4.8 Professional indemnity insurance for Insurance brokers
  • 2.5 Supervision and Control
    • 2.5.1 International Association of Insurance Supervisors
    • 2.5.2 Insurance Authority
    • 2.5.3 Dubai Financial Services Authority
    • 2.5.4 Emirates Insurance Association
  • 2.6 Non-Admitted Insurance Regulations
    • 2.6.1 Overview
    • 2.6.2 Intermediaries
    • 2.6.3 Market practices
    • 2.6.4 Fines and Penalties
  • 2.7 Company Registration and Operations
    • 2.7.1 Type of insurance organization
    • 2.7.2 Establishing a local company
    • 2.7.3 Foreign ownership
    • 2.7.4 Types of license
    • 2.7.5 Capital requirements
    • 2.7.6 Solvency margin
    • 2.7.7 Reserve requirements
    • 2.7.8 Investment regulations
    • 2.7.9 Statutory return requirements
    • 2.7.10 Fee structure
  • 2.8 Taxation
    • 2.8.1 Insurance premium or policy taxation
    • 2.8.2 Withholding taxes on premium paid overseas
    • 2.8.3 Corporate tax
    • 2.8.4 VAT
    • 2.8.5 Captives
  • 2.9 Legal System
    • 2.9.1 Introduction
    • 2.9.2 Access to court
    • 2.9.3 Alternative dispute resolution

3 APPENDIX

  • 3.1 Methodology
  • 3.2 Contact Timetric
  • 3.3 About Timetric
  • 3.4 Timetric's Services
  • 3.5 Disclaimer

List of Tables

  • Table 1: Insurance Industry Definitions
  • Table 2: UAE - Insurance Regulatory Framework Key Features
  • Table 3: UAE - Life Insurance Regulatory Framework
  • Table 4: UAE - Property Insurance Regulatory Framework
  • Table 5: UAE - Motor Insurance Regulatory Framework
  • Table 6: UAE - Vehicle Civil Liability Insurance Policy Rates
  • Table 7: UAE - Vehicle Insurance Policies against Loss, Damage and Civil Liability Rates
  • Table 8: UAE - Liability Insurance Regulatory Framework
  • Table 9: UAE - Maximum Limits for Investments in Various Assets by Insurers
  • Table 10: UAE - Corporate Tax Rates for the Financial Year 2018

List of Figures

  • Figure 1: UAE - Insurance Supervision and Control at Various Levels
  • Figure 2: UAE- Insurance Regulatory Frameworks for Company Registration and Operation
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