The implementation of health insurance for expatriates will lead to an increase in health insurance charges from the current cost of KWD50 per year to KWD130. A top official has insisted that this cost does not reflect the actual cost of the health services to be offered to expatriates. Board...
Al Salam Bank-Bahrain has signed a strategic agreement with insurer Takaful International. This agreement paves the way for the bank to offer both Al Salam Bank and BMI Bank customers a suite of Shari’ah compliant insurance products through its extended branch network within the kingdom. Present at the signing ceremony...
Insurers in the United Arab Emirates (UAE) made a comeback in the first half of 2016, said a report published by S&P Global Ratings. UAE insurers reported aggregate profits both on an underwriting basis and a net income basis, after aggregate losses in 2015. This is against a backdrop of...
The GCC insurance industry has more than tripled between 2006 and 2015, with insurance premiums increasing to USD24 billion as of the end of 2015 compared to USD6.4 billion in 2006, according to a senior official within the Central Bank of Bahrain (CBB) . Abdul Rahman Al-Baker, executive director of...
The Egyptian Financial Supervisory Authority (EFSA) has made many legislative amendments to attract foreign direct investment to insurance and financial leasing sectors during the last period. Sherif Samy, chairperson of the EFSA, said that the authority has contributed in attracting many companies, notably AXA and Emirati Safety, to enter the...
The Council for Cooperative Health Insurance has announced the start of the second phase of the implementation of the unified health insurance document. The second phase, which will become effective in October, cover companies that employ between 50 and 99 people. The first phase was implemented in July and covered...
The Dubai Financial Services Authority, DFSA, has imposed a fine of over AED300,000 on Clements Dubai Limited (CDL). The fine was imposed following a DFSA investigation conducted in collaboration with the Insurance Authority of the UAE. The investigation found that, from January 2014 to July 2014, CDL engaged in prohibited...
Sheikh Abdullah al Salmi, executive president of Oman’s Capital Market Authority (CMA) signed a memorandum of understanding (MoU) with the president of the Central Authority of Insurance of Iran (Bema Markazi Iran), Dr. Abdulnaser Himati, on the sidelines of the sixteenth session of the Oman-Iran Economic Committee, which met recently...
The Capital Market Authority (CMA) has issued guidelines for insurance services, which specify the minimum quality standards expected of insurance companies and brokers in the sultanate. These guidelines are based on the CMA’s vision to promote the concept of customer service quality and to increase the level of company compliance...
Ministry of Health and Prevention (MoHP) officials presented before medical practitioners and other healthcare providers from across the UAE a brief on the revised “Medical Liability Federal Law No. 4 for the Year 2016” scheduled to be fully implemented once published in the Official Gazette. The law introduces amendments to...
