May 02 2012
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The Cabinet extends ultimatum for more three years for Insurance Companies to rectify their status
Abu Dhabi, May 02nd, 2012 (WAM)--The Council of Ministers has agreed to extend the five-year ultimatum granted to the Insurance Companies to adjust their status for more three years with effect from Aug. 28, in accordance with the article No. 6 of year 2007.The article 25 of the Federal Law No. 6 of year 2007, on setting up the of Insurance Authority and regulation of its functions, states that the Insurance Companies are not allowed to combine the persons insurance operations with the generation of funds, property, and liabilities insurance operations. Eng. Sultan Al Mansouri, Minister of Economy, Board Chairman of the Insurance Authority, said in statement issued today by the Authority that the extension of rectification of status of the Insurance Companies that exercise the persons insurance operations with the generation of funds, property, and liabilities insurance operations for new three years, besides the previous five- year ultimatum, "comes within the framework of UAE government keenness to give wider opportunity to the Companies to adjust their status in accordance with the specified standards to boost competitive market environment in the UAE." For her part, Fatima Mohammed Ishaq Al Awadi, Deputy Director General of the Insurance Authority said the resolution of the Cabinet grants the Insurance Companies additional three years to rectify their status through separating the persons insurance operations with the generation of funds, property, and liabilities insurance operations.
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