Bupa Arabia for Cooperative Insurance Company announced that it has received the regulator SAMA’s no objection for the distribution of the cooperative distribution surplus to entitled policyholders for the year ending Dec. 31, 2016, in accordance with Article 70 (2e) of the Implementing Regulations of the Law on Supervision of...
For the third year running Friends Provident International (FPI) has commissioned YouGov to undertake research into life insurance trends in the UAE. Overall the research shows that more people in the UAE are taking responsibility for protecting their family’s future. For example, compared with a year ago, take up of...
Bayzat Holding Limited group in compliance with all relevant regulatory and compliance requirements has acquired Arya Insurance Brokerage Company LLC (AIBC) for cash and shares. Founded in 1988 by Abbas Bolurfrushan, AIBC (previously Secure Insurance Services) was one of the first insurance brokerages in the region. Since then, AIBC...
The Insurance Authority has announced a set of instructions for the licensing and registration of retail outlets of insurance companies as well as their conduct of operations. The point of sales operations will only issue policies in the lines of motor, health and travel insurance. The other functions include identifying...
Orient Insurance Company, together with the international health and life experts at Allianz Partners, announced the launch of their new International Healthcare Plans for the Dubai market. Underwritten and sold by Orient Insurance Company and designed by Allianz Partners, these DHA compliant solutions offer worldwide cover and include a range...
S&P Global Ratings has announced the expansion of its operations in the Middle East with the opening of a branch in Riyadh, the Kingdom of Saudi Arabia’s capital city. Having received its final license from Saudi Arabia’s Capital Market Authority (CMA), S&P Global Ratings becomes the first international credit rating...
National Life and General Insurance (NLGIC), which is floating its OMR21 million initial public offering (IPO) in October, will expand its footprint in less penetrated insurance markets in the Gulf region. Subscription for the IPO, one of the largest in Oman in recent years, will close on November 20, and...
Abu Dhabi National Insurance Company (ADNIC), has announced its expansion into the UK market with the opening of a representative office in London, under the name ADNIC International Ltd. The office will facilitate reinsurance across industrial sectors including Energy (Upstream and Downstream), Property, Power, Engineering and Construction, Marine Hull and...
The Council of Ministers has offered a set of exemptions to encourage insurance companies to merge, according to a recent decision published in the official gazette. The exemptions included the income tax, annual fees levied under the law regulating the insurance sector, for a period of three years, transfer charge...
The Dubai Financial Services Authority (DFSA) entered into a Memorandum of Understanding (MoU) with Lebanon’s Capital Markets Authority (CMA) recently. The agreement will enhance information sharing and cooperation around supervisory issues, further extending the existing relationship between the two markets. Ian Johnston, chief executive of the DFSA, and Sami Saliba,...
