Abu Dhabi: H.E. Ahmed Al Qamzi, Assistant Governor of the Central Bank of the UAE for Banking and Insurance Supervision Sector, met with selected CEOs of insurance companies and brokers in the UAE, in the presence of a number of CBUAE senior staff. The meeting focused on regulatory, legislative, and supervisory developments shaping the future of the UAE insurance sector, and reviewed strategic opportunities to establish a resilient and competitive insurance sector in line with global best practices. Participants expressed their appreciation for the outstanding efforts and initiatives that support the development of the financial sector, advance the strategic objectives of the UAE, and enhance its global competitiveness.

During the meeting, the CBUAE presented a comprehensive overview of the regulatory framework for the insurance sector, highlighting key developments and future plans. The Central Bank reaffirmed its commitment to implementing and adhering to international standards, particularly the Insurance Core Principles (ICPs) issued by the International Association of Insurance Supervisors (IAIS).

Participants also discussed the implementation of insurance risk-based supervision by the Insurance Supervision Department at the Central Bank, which guides supervisory plans and the approach to overseeing insurance companies. The meeting included a review of governance and risk management practices in an evolving risk landscape, with an emphasis on strengthening sector resilience and long-term sustainability. The importance of promoting a risk-aware culture and reinforcing professional and institutional conduct across the sector was also highlighted.

The Assistant Governor said: "The Central Bank continues to strengthen its oversight on insurance sector to ensure proper governance and internal controls that support the development of the UAE insurance market, increase its contribution to the national economy, and consolidate its competitiveness and regional leadership. The regulatory and legislative initiatives launched by the CBUAE, particularly in corporate governance and risk management, along with the full implementation of risk-based supervision, have contributed to a qualitative transformation in sector performance and growth, reinforcing our commitment to international standards and best supervisory practices."