The regulator said it had not substantially reviewed the insurance regime since 2003, and that since then insurance industry members of the Dubai International Financial Centre had grown significantly.
The review would also provide a regulatory framework that is proportionate to the risks associated with their activities, the consultation paper no 103 ‘Proposals relating to the insurance regimes’ stated.
Other key elements of the consultation include specifying what activities can be undertaken by different types of insurance, and making it clearer where regulation is not required through clear exclusions.
The DFSA also proposed changes to reflect developments in the European Union, in particular the adoption of the Insurance Distribution Directive.
It said the paper would be of interest to a range of types of businesses such as insurers, insurance intermediaries and foreign insurers.
The deadline for the industry to give their feedback is 11 February 2016.
