Today, the Insurance Authority launched the second incentive package to support the insurance sector and ensure the continued performance of insurance companies and associated professions companies and enable them to face the repercussions and challenges in the world markets as a result of the spread of the Corona virus "Covid 19".
In Circular No. (9) for the year 2020 issued today (Sunday 12/4/2020), the authority affirmed that this second motivational package comes within the framework of the authority’s keenness to translate the vision of wise leadership and the government's directives for the continuity of providing services and strengthening remote work systems Facilitating business, stimulating growth and helping companies perform their tasks smoothly during this stage.
The circular clarified that the incentive package includes three initiatives, the first is the launch of the insurance academy for professional training "free of charge to citizens and some free programs for workers in the sector, and the second by extending the application period on the regulatory rules instructions for the experimental environment for financial technology in the insurance sector and launching the fast track on decision-making in Applications submitted by various companies, and the third to launch the Radar Insurance Initiative.
The Authority emphasized that the launch of the Insurance Academy for Vocational Training "free of charge to citizens and some free programs for workers in the sector comes from the authority's keenness to achieve continuous training in various areas of insurance and strive to provide it with the easiest ways and the lowest costs,
She added that the free training academy available on the website of the authority www.ia.gov.ae will contribute greatly to the development of sector cadres, which will positively reflect on the business environment and its development and the search for innovative ways of doing business.
In the circular, the authority emphasized the extension of the application period for affiliation with the experimental environment for financial technology in the insurance sector and the launch of the fast track by decision-making in applications to 15 June 2020 instead of the previously specified period between mid-March and mid-April 2020, to allow companies and various activities to benefit from the experimental environment Financial technology for the benefits it provides in launching innovative tracks.
She added that in order to activate the monitoring of any unsound practices at the present time, the “Insurance Radar” initiative was launched and is directed to insurance companies and related professions, including companies, individuals, policyholders, beneficiaries, and other entities, institutions, or the general public in order to make any comments Or improper practices affecting the performance of the insurance sector and policyholders by sending a message to the email specified in the circular sent to insurance companies and professions.
The Commission stressed the importance of coordination and joint cooperation with the private sector to face the challenges of the emerging Corona Virus Risk (COVID-19) and to identify the most important precautionary measures and solutions of concern to the insurance sector.
She also stressed the need for companies and professions related to insurance to adhere to the rules of practicing the profession and to strive to provide insurance services and products according to the rules of fair competition at all times, especially in light of these conditions, to avoid any negative repercussions.