Establishing a banking and insurance dispute settlement unit under the name of “Sanadak” to resolve consumer complaints
The Central Bank: 1,500 additional job opportunities for citizens in the insurance sector, and raising Emiratisation to 30%
Khaled Muhammad Balama: “We appreciate the full support of the CEOs for the initiatives to increase Emiratisation and digitize the insurance sector.”
The Governor of the Central Bank, Khaled Mohamed Balama, chaired a meeting with the CEOs of the insurance sector, yesterday, in Abu Dhabi.
And as an affirmation of the state's vision for the next fifty years, the Central Bank identified a series of initiatives to increase the percentage of Emiratisation in the insurance sector, which aims to raise the percentage to 30% by 2026, and to create 1,500 additional job opportunities for UAE nationals.
In addition, the Central Bank confirmed the learning paths that were designed to develop national competencies in line with the requirements of the sector through the Emirates Institute for Banking and Financial Studies.
The meeting, organized by the Central Bank, aims to enhance dialogue between the Central Bank and the insurance sector, through coordination with the CEOs of insurance companies, to find out the priorities related to the sector.
During the meeting, they reviewed the performance of the insurance sector, which remained strong in light of the challenges posed by the pandemic.
The Central Bank also highlighted the priorities of strengthening the effective supervision and regulation of insurance companies, in line with the basic principles of insurance, and the application of corporate governance requirements for insurance companies.
The Central Bank also discussed a project to establish a banking and insurance dispute settlement unit under the name "Sanadak", which is expected to operate with a more efficient and effective mechanism for resolving consumer complaints.
In this regard, the Central Bank was keen to ensure the ethical behavior of companies and protect the rights of insured consumers.
The Central Bank discussed with the chief executives its strategic and transformational initiatives that would positively affect the financial system and the insurance sector, which include the financial infrastructure transformation program that it will implement to enhance the digitization of the insurance sector, increase the efficiency of insurance companies and expand the digital services available to customers.
Khaled Mohamed Balama said: “We at the Central Bank confirm our keenness to hold these periodic meetings with the CEOs of the insurance sector, to highlight the importance of close cooperation with insurance companies and to review the latest developments to keep pace with changes in this vital sector.
We also appreciate the full support of the CEOs for the transformational initiatives that will increase Emiratisation and digitize the sector, as the Central Bank is committed to protecting and developing the insurance sector in the UAE.
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