Available on its website, the IA provides separate lists for licensed insurance providers and brokers, as well as for agents, loss & damage adjusters, insurance consultants and “insurance experts mathematicians”.
The list comes ahead of the enactment of new laws in the country governing the sale of insurance products and the companies involved in their distribution.
It is anticipated that under the new regime, the cost of doing business will rise significantly for insurance brokers. It is also expected that the Insurance Authority will take a harder line on those businesses operating either without a licence, i.e. not on the published lists, or operating outside of the rules.
“Clear signal”
Zurich, Friends Provident International, Generali and Metlife Alico are all listed as licensed providers of insurance products in the Middle East.
Of those based in the UAE from the International Adviser intermediary panel, AES International, Globaleye, Nexus Insurance Brokers and Mondial (licensed through Expat Cover Insurance Consultancy) are all listed as licensed insurance brokerage firms.
Sam Instone, chief executive of AES International, which has a license under its AES Middle East brand, said: “Whilst those on the list are likely to change a great deal after the new regulations come into force on November the 28th – the ability to check an organisations credentials marks an excellent step forward for consumers in the UAE.”
Tim Searle, chairman of Globaleye, which also has operations in Asia and Europe, said: “This recent implementation by the IA is a very clear signal that they are taking a keen view in the development of this sector and that it is not only the distributors but the providers too that are under scrutiny.
“Those who have made the investment to remain in this market will continue to uphold the standards, adopt a compliant centric model and deliver fair outcomes for the consumer.”
The list will enable consumers in the UAE to easily check, for the first time, whether the insurance broker they are using is licensed to provide advice. It will also mean insurance companies are able to check to ensure companies they are doing business with are licenced.
Searle add: “[This initiative] can only be a good thing since this is direct affirmation that the UAE market is taking itself seriously as a regulated jurisdiction similar to what we see in other markets.
“Moreover, it will give consumers confidence that the licensed entity has to meet certain criteria in terms of compliance and capital adequacy with the full knowledge that there is recourse if required.”
Click here to read the first of a two part series written by FPI’s UAE based regional compliance and risk officer Taher Fakhri explaining the full impact of the new rules.
By popular demand – here’s the link to section of the Insurance Authority’s website with the lists
