Oman’s Capital Market Authority (CMA) has imposed fines on four insurance brokers. The executive president of the regulator has issued four disciplinary decisions imposing fines on Al Iz Insurance Services LLC, Al Wiqayah Insurance Services LLC, Oman New Insurance and Reinsurance Services LLC and New Gulf Insurance Services LLC for...
Union Insurance Company announced its financial results for the first half of 2016. The company reported a robust increase of 34 percent in gross insurance premium, up to AED442 million as at June 30, 2016, compared to AED331 million for the same period last year. The company’s total assets increased...
The draft law for insurance against medical errors will soon be submitted to the Fatwa and Legislation Department for review, affirmed assistant undersecretary for Support Medical Services at the Ministry of Health, Dr. Jamal Al-Harbi. After this review, the draft law will be sent to the Cabinet for approval, the...
XL Catlin has announced it has established a new Reinsurance Unit focused on providing Facultative and Treaty Reinsurance across Africa. Leading the team is Alex St James who has been appointed as head of Africa for XL Catlin’s Reinsurance operations. Additionally XL Catlin has appointed Matthew Gillies as an Actuarial...
Bahrain Kuwait Insurance Company Board of directors approved the financial results of the company for the period ended June 30, 2016 in a recent meeting. The Board informed that the net profit in the first half of 2016 increased by 31 percent to BHD2.3 million compared with BHD1.76 million in...
The Health Ministry’s move to force insurance companies and motorists who cause accidents to bear the treatment cost of the injured has raised a debate among experts. The treatment was supposed to be given free of charge by the government in accordance with the country’s Basic Law of Governance. Experts...
The Health Committee of the parliament of Kuwait is currently on the move to set up a bill to impose health insurance on expatriates that come to the country on visit visas. The committee argued that this bill is now a necessity as some expatriates visit the country only to...
Gulf Insurance Group plans to raise its stake in Egyptian affiliates in the coming phase, according to an official in one of the Egyptian units. The Kuwaiti insurer has stakes of 94.8 percent in Arab Misr Insurance Group – GIG, 60.62 percent in Egyptian Life Takaful Company, and 25 percent...
The Egyptian Financial Supervisory has proposed several draft bills for insurance supervision regulation and control. Investment minister Dalia Khorshid reviewed the legislative agenda and measures for non-banking financial services with Sherif Samy, the chairperson of EFSA. Samy proposed several draft bills, including a capital market law amendment, a draft law...
The Islamic Republic of Iran Shipping Line (IRISL) and Norway’s Skuld P&I Company inked an agreement on different kinds of marine insurance deals. The MoU covers personnel training, improvement of Iranian experts’ knowledge and capabilities and the complaints in relation to sea insurance. IRISL also signed an agreement with Norway’s...
