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FINANCIAL NEWS
Insurance Authority issues Financial Regulations to protect right of policyholders
03 Feb 2015
(MENAFN) UAE Minister of Economy and Chairman of Insurance Authority, Sultan bin Saeed Al Mansouri, supplied Decision No. (25) Of 2014 related to Financial Regulations for Traditional Insurance Companies and Decision No. (26) Of 2014 concerning Financial Regulations for Takaful Insurance Companies, WAM reported.
AlMansouri stated in a press release, that the financial, investment, technical and accounting operations are regulated by the original Financial Regulations, it’s to be considered a step forward toward developing the controlling principles and technical rules for the market growth.
He also assured how the declaration of such Financial Regulations will carry the UAE to the top of Middle East regarding latest solvency requirements, closer to the European Model.
The deep rooted regulations are up to date with the best applicable performs in the insurance domain globally, in measures of solvency, technical provisions, or even the financial and accounting processes of insurance companies.
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