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IA and ADGM to boost mutual cooperation

The Insurance Authority and the Financial Services Regulatory Authority of Abu Dhabi Global Market (ADGM) have signed an MoU to enhance mutual cooperation on areas including supervision of insurance business and the exchange of relevant regulatory information and oversight.
The signing ceremony took place at the Insurance Authority's headquarters in Abu Dhabi. The MoU was signed by Ibrahim Obaid Al Zaabi, the director general for the Insurance Authority and by Ahmed Ali Al Sayegh, chairman of ADGM and Richard Teng, CEO of the ADGM's Financial Services Regulatory Authority, in the presence of and a number of senior officials from both parties.
The MoU establishes a framework for both regulators to continually strengthen and improve mutual cooperation in, and supervision of the insurance industry. This will also enable them to achieve their objectives through exchange of information and greater collaboration.
The framework seeks to foster greater open communication, exchange of relevant regulatory and supervisory information to foster and ensure compliance with laws, regulations and regulatory requirements, within the laws governing the work and functions of the two parties.
The scope of collaboration includes sharing of experiences in insurance supervision, control and inspection techniques, setting up discussion groups, organize and participate in joint inspection tasks in accordance with the law, participation in industry conferences and training and others.
Al Saab said the MoU will help achieve the vision and strategic objectives of the IA in the field of control, development of the local insurance market and promote the competitiveness of the UAE insurance industry at the global level.
The director general explained that the IA has been constantly working to develop the laws and regulations governing the insurance sector of the UAE.
- haseeb@khaleejtimes.com
and coordination and cooperation with all partners and competent authorities, including the ADGM, to ensure the regulation and supervision of the insurance sector.
The IA issuance of the financial instructions governing the financial, investment, technical and accounting activities of the companies operating in the conventional and Takaful insurance sector aimed to make the UAE the first country in the Middle East in adopting the latest financial solvency requirements, to be on the same footing like the European model.
At the same time, the issuance of these instructions would contribute to upgrade the credit rating of the companies and strengthen the positive outlook of the rating agencies and the global financial and investment institutions for the UAE.
Richard Tang, chief executive officer, FSRA of ADGM said, "This MoU reinforces the commitment of the IA and ADGM in collaborating closely to regulate and supervise the reinsurance industry in our marketplace. By leveraging our regulatory expertise and strengths, we can jointly promote our common objective in providing and maintaining the highest standards and practice of insurance-related services in Abu Dhabi and beyond."
- haseeb@khaleejtimes.com