July 18, 2019

Middle East Views

Middle East Views

DFZ Council mulls shift to insurance policy

The Dubai Free Zones Council (DFZ Council) recently held its twelfth meeting where members discussed the latest developments across initiatives and industries, along with the completion and submission of the Council’s E-Commerce Initiative to the Dubai Executive Council for its implementation. The meeting was headed by Sheikh Ahmed bin Saeed...

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Charles Taylor opens Dubai office

Charles Taylor InsureTech has opened an office in Dubai to meet the growing demands for technology-related business transformation programmes in the regional insurance market. The business will be led by Shahid Safdar, who has been appointed as managing director for the Middle East and North Africa regions. He joins from...

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Marsh to expand footprint in North Africa

Marsh has announced that it has reached an agreement to acquire a stake in Beassur, a leading insurance broker in Morocco. Terms of the transaction, which is expected to close later this quarter, were not disclosed. On closing, Beassur will operate as Beassur Marsh. Founded in 1974, Beassur is a...

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MoCI mandates local auditors

The Ministry of Commerce and Industry (MoCI) issued a decision mandating all insurance companies, insurance brokers among other companies to appoint Kuwait auditors effective January 1, 2020 to fight money laundering. Local media reported that the move is expected to generate nearly 16,000 job opportunities for Kuwaiti jobseekers in the...

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MoHAP supports Medical Liability Law

The Ministry of Health and Prevention (MoHAP) has underlined that the Cabinet’s approval for the Executive Regulation of the Federal Law No. 4 of 2016 on medical liability is reinforcing the country’s health system and efficiency of medical services to align with the latest international developments and to consolidate the...

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Insurance Law approved in Kuwait

The Kuwait National Assembly recently approved a new insurance law amid calls by MPs that the insurance sector must come under the Central Bank or continues under the Commerce and Industry Ministry. Commerce and Industry minister Khaled Al-Roudhan said that Kuwait badly needs a new insurance law especially that the...

SSP enters Middle East market

SSP has partnered with Refpoint Insurance Consultants LLC (RPIC) to enter the ever-growing Middle East insurance industry. The objective of the partnership is for RPIC to represent SSP in the MENA region, in transitioning to a new digital insurance platform. RPIC, led by Ken Maw, who will provide sales and...

Takaful Emarat cancels acquisition

In a recent development, Takaful Emarat filed a notification with the Dubai Financial Market stating that the proposed acquisition of Al Hilal Takaful will no longer take place. The organisation had announced the acquisition plans two years ago in a bid to create the largest takaful group in the country....

UAE Insurance Authority issues regulations for reinsurance companies - conventional and takaful.

IA announces reinsurance regulations

The Insurance Authority Board of Directors recently released regulation on reinsurance operations. The Decision No.(23) of 2019 applies to reinsurance companies established in the UAE, branches of foreign reinsurance companies, reinsurance business ceded by an insurance company licensed and registered with the Authority, accepted reinsurance business by a licensed company...

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Arig may cease underwriting

The Board of Directors of Arab Insurance Group (ARIG) has passed a decision at a recent meeting to cease the underwriting activities of the Group subject to regulatory authorities and shareholders’ approval. The decision was conveyed in the Group’s condensed consolidated interim financial statement submitted to the Dubai Financial Market....

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