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OVERVIEW:

A number of legal and regulatory changes have recently been introduced in the United Arab Emirates (UAE), which impact the insurance industry. The UAE has issued Federal Law No. 48 of 2023, regarding the Regulation of Insurance Activities, replacing the longstanding Federal Law No. 6 of 2007. The New Insurance Law was necessitated by the transfer of responsibility for the supervision of the insurance sector to the Central Bank of the UAE (CBUAE) following its merger with the UAE Insurance Authority pursuant to Federal Decree-Law No. 25 of 2020 and the broader changes to the UAE legislation in respect of commercial companies and insolvency. It also provides significant enhancements to the supervisory and enforcement powers of the CBUAE and an updated dispute resolution mechanism for insurance claims. There have also been significant changes impacting the way in which insurance claims may be managed and the fora in which they may be heard.

Join us, the DIFC Academy and Clyde & Co, for an online training session where our expert speakers will navigate the following themes:

Part 1: The New UAE Insurance Law

• • Scope and Application of the New Insurance Law
  • Non-admitted Insurance
  • Mandatory Insurance, Insurance Funds and Insurance Pools
  • Changes to Dispute Resolution Mechanisms
  • Prudential Matters
  • Employees
  • Enforcement Powers of the CBUAE
  • Penalties and Fines

Part 2: Insurance Claims – Jurisdiction Issues

• • Recent legal and regulatory changes impacting insurance claims, including:
    • The jurisdiction of the Banking and Insurance Disputes Resolution Unit
    • The jurisdiction and role of Sanadak

SPEAKERS

Olivia Darlington, Partner, Clyde & Co.

Peter Hodgins, Partner, Clyde & Co.

Alfred Thornton, Partner, Clyde & Co.

IN COLLABORATION WITH