Oman is likely to implement the much-discussed mandatory health insurance scheme in a phased manner from next year as the roadmap for the scheme is currently being prepared, a senior government official has conveyed. As per the plans, visitors to Oman will have to purchase medical insurance before entering the...
The Capital Market Authority (CMA) has issued a circular advising insurance companies to adopt the phases to get ready for the implementation of IFRS 17 in 2021. The new accounting standard will replace IFRS 4, the CMA stated. The CMA has recommended to insurance companies to execute three phases to...
Qatar Insurance Group is establishing a new company ‘Epicure Investment’ with an initial capital of QAR1.8 million in the Qatar Financial Center (QFC). The official spokesperson of Qatar Insurance Group, Abdulla al-Mulla, confirmed that the directors’ board, during their meeting held recently, approved the establishment of a limited liability company...
Bahrain has issued an insurance law, along with three other regulations in a move to enhance the Kingdom’s investment ecosystem. The laws which have been officially issued by King Hamad bin Isa Al Khalifa, address a range of issues and will have a particularly strong impact on the Kingdom’s economy...
The Bayt.com ‘Health and Wellbeing in the MENA’ poll, conducted with over 9,000 respondents in the region, revealed a variety of insights about lifestyles of professionals and how employers can elicit a healthy change in the workplace. According to the poll, a great majority (93.2 percent) of respondents believe that...
Leading experts in the UAE insurance sector called for continuous collaboration among health insurers to secure patients’ welfare through technology and connectivity. The insurance industry gathered recently at the Thumbay Annual Health Insurance Conference and Award Ceremony 2018. Dr. Salem Al Darmaki, adviser to the UAE Minister of Health and...
The UAE Cabinet approved a decision to abolish the mandatory deposit of AED3,000 (USD817) private sector firms must pay when they hire employees in June. It is being replaced with a new insurance scheme that costs companies AED60 (USD16) annually per employee. UAE Ruler, Vice President and Prime Minister HH...
The UAE Insurance Authority recently passed the regulations concerning the Instructions for Licensing, Organisation and Control of Insurance Producers Operations. According to the regulations, the activity of the insurance producer is limited to the marketing of insurance policies by attracting natural or legal persons to familiarise them with the company,...
Oman Insurance Company (OIC) has signed up with the Al Etihad Credit Bureau (AECB) to review commercial clients’ credit worthiness and better manage credit risk exposure. The Al Etihad Credit Bureau is a Federal Government entity mandated to build a repository of credit information in the UAE from both, financial...
Qatar plans to establish an insurance fund for foreign workers, the state-run Qatar News Agency has said. “The fund aims to support, ensure and provide care for workers, guarantee their rights and provide a healthy and safe working environment for them,” it said, citing a decree from the emir, Sheikh...
