The Minister of Economy, Chairman of the Board of the Insurance Authority, Eng. Sultan Al-Mansoori, stated that coordination has been made to provide insurance coverage for the Expo 2020 during the construction and preparation stages of the facilities and after operation, as well as appropriate insurance coverage for visitors, stressing that the Authority will organize its annual conference for this year at the exhibition headquarters In coordination with the Office of "Expo 2020", in addition to studying organizing a number of events during the period of the exhibition and displaying the latest services, products and innovations in the insurance sector.

Al-Mansouri added, in an exclusive interview with «Emirates Today», that the authority developed an integrated plan to implement the cabinet’s decision on the Emiratisation strategy, as it implemented an electronic platform for Emiratisation in insurance companies, in order to supervise and monitor the effectiveness of companies ’implementation of the Emiratisation system, in addition to assisting insurance companies To place its advertisements for jobs available to citizens on the Authority’s website, in order to achieve the goal of localizing jobs, insurance companies must achieve within the next three years, in accordance with Cabinet decisions, which amounted to (540 jobs).

He pointed out that the year 2020 will witness the issuance of a number of regulations, including: e-insurance, which sets the necessary controls for the marketing of insurance documents through the Internet and maintaining the confidentiality of the information of the insured and the beneficiaries of insurance documents, in addition to issuing the compensation fund system for unknown accidents, in what Concerning accidents that are attributed to unknown and accidents in which the vehicle is caused without insurance coverage.

Achieve goals

In detail, the Minister of Economy and Chairman of the Board of Directors of the Insurance Authority, Eng. Sultan Al-Mansoori, said, “The Insurance Authority is planning to achieve a number of goals to achieve during 2020, especially in light of receiving an event the size of (Expo 2020 Dubai) for the first time in the UAE and the region, as the Insurance Authority works Currently on preparing legal frameworks regulating electronic insurance business, which set the necessary controls for the marketing of insurance policies through the Internet and maintaining the confidentiality of the information of the insured and the beneficiaries of insurance policies, and the procedures that the company must adhere to for the purposes of ensuring that the insurance product is exposed On the Internet it meets the needs of the insurance applicant, and that the insurance applicant is fully aware and aware of the conditions, prices and exceptions that are mentioned in that product, which would prevent any practices that are not consistent with legal provisions or would jeopardize the rights of the insured, and the Authority will coincide with the launch of this The legislation promulgates a guide for insurance companies for digital transformation and protecting the privacy of customer data and information.

He added: «The Authority will also issue a system of compensation fund for unknown accidents, with regard to accidents that are attributed to an unknown, and accidents in which the vehicle is caused without insurance coverage, because of that importance in terms of providing compensation to the heirs of deaths resulting from accidents Vehicles, in addition to physical injuries, and the fund will have the right to return to the cause after paying the compensation, knowing that the establishment of the fund came within the basic insurance principles (ICP) issued by the International Association of Insurance Supervisory and Supervision Authorities (IAIS) ».

Expo 2020

Al-Mansouri continued: «Within the framework of the great opportunities that the country’s hosting of Expo 2020 will achieve for the national economy and various sectors, the authority is keen to join efforts to provide all appropriate insurance coverage for the activities of this global exhibition, as coordination has been made to provide insurance coverage and offer insurance services in the country to an exhibition (Expo 2020) during the construction and preparation stages of facilities and after operation, as well as appropriate insurance coverage for visitors, given the strength and adequacy of the insurance sector in the country and as one of the most important tools for facing hazards, as well as protecting individuals and property from any potential risks Him for the benefit of »the national economy.

He pointed out that the authority will organize its annual conference for this year at the exhibition headquarters, in coordination with the office of "Expo 2020", in addition to studying organizing a number of events during the exhibition.

Localization

On the level of Emiratisation in the sector, Al-Mansouri said: “The authority developed an integrated plan to implement the cabinet’s decision on the new Emiratisation strategy, in cooperation with insurance companies and other interested parties. This plan included establishing a unit specialized in Emiratisation in the Insurance Authority, and issuing a directory for Emiratisation, to clarify mechanisms Implementing the Cabinet’s decision regarding the adoption of the Emiratization strategy in the banking and insurance sector, defining the names of the different professions and their divisions in the insurance sector between the three proposed administrative levels, and specifying the priority and specialized professions to be awarded additional points and so on. ”

He indicated that the authority held work meetings with each insurance company licensed separately, for the purposes of discussing and studying the companies ’need to implement the new strategy, and it also undertakes field visits to insurance companies, to ensure that they apply the Emiratization system, as insurance companies must work to achieve the annual target points that are linked to the total Written insurance premiums, taking into account the total number of jobs that insurance companies must achieve during the next three years in accordance with cabinet decisions, which amounted to (540 jobs).

Online platform

Al-Mansouri added: “The authority implemented an electronic platform for Emiratization in insurance companies, in order to supervise and monitor the effectiveness of companies’ implementation of the Emiratization system, in addition to helping insurance companies place their ads for jobs available to citizens on the Authority’s website. ”

On the training level, Al-Mansouri said: “The Authority is constantly working to develop qualitative initiatives in the field of training and qualifying citizenship human cadres in cooperation with the best international institutes specialized in the field of insurance, including the Legal Insurance Institute and the International Compliance Association in the United Kingdom, which contributed to increasing the numbers Citizens in the specialized professions in the field of insurance, and training 1431 citizens of human cadres through 94 training programs in various insurance disciplines since 2017 ».

These initiatives and training programs were divided into 90 programs in the "My Skills" initiative in which 1,300 citizens were trained, one program in the "Citizen Actuary" initiative, in which 39 citizens were trained, and one program in the "Financial Crime Initiative" program, in which 50 citizens were trained, One program in the "Future Leaders" initiative in which 16 citizens were trained, and one program in the "Diploma in Innovation" initiative in which 26 citizens were trained.

New initiatives

Al-Mansouri revealed that the authority will launch new training and qualification initiatives for citizens working in the insurance sector and for citizens who wish to join the insurance sector, including the "Continuing Education" initiative and another initiative for school students, in addition to preparing specialized training programs for citizens targeting leaders for Establish a clear replacement plan for insurance professionals and leaders.

Significant growth

Al-Mansouri said: «This sector continues to achieve remarkable growth rates annually in line with the economic development of the country. The Authority has achieved, through the completion of its legislative plan for the year 2019, the goals related to protecting the insured and the beneficiaries of insurance business, and several legal frameworks were issued to regulate insurance business, numbering 11 legislations during the past year, which included topics that are aimed at achieving the UAE vision 2021 in terms of creating a competitive economy My knowledge is based on innovation.

Al-Mansouri said: «The insurance sector in the UAE is expected to continue to achieve its effective role in supporting economic development while maintaining high growth rates, and in 2020 it is characterized by many economic factors, fundamental events and initiatives that will contribute to the growth of the insurance sector, including (Expo 2020 Dubai), And to encourage the establishment of reinsurance companies in the country, and increase the percentage of retention of written insurance premiums within the country, in addition to adopting new mechanisms in the insurance sector to encourage innovation and increase the number of new insurance products and services ».

Guarantee of risk

The Minister of Economy, Chairman of the Insurance Authority, Eng. Sultan Al-Mansoori, said: “The insurance sector continues to achieve continuous growth rates, which has resulted in the insurance market in the country maintaining the first position at the level of Arab countries and North Africa in terms of premiums written during the past 10 years, while the market is advancing. UAE is one annual center globally, reaching 37th globally for the year 2018 ».

Initial indicators of business results during 2019 indicate the continued growth of this vital sector in line with the economic development of the country, as insurance companies collect national savings and direct them towards investment projects, which leads to commercial stability and support for economic development, as the total investment of insurance companies reached 63.6 billion Dirhams in 2018.

Cooperation Agreement

The Insurance Authority is currently preparing for the signing of a cooperation agreement with the Ministry of Education, regarding the dispatch of students of citizens of the country to universities or international institutes, in addition to coordinating with the Higher Colleges of Technology, to establish an insurance science department, in cooperation with the Legal Insurance Institute in the United Kingdom, to produce students They hold academic and professional degrees.

Legislation and regulations

The Insurance Authority identified the most important legislations and regulations issued by the Authority during 2019, and it included:

• Forming insurance dispute settlement committees, through which disputes arising from insurance contracts, works and services are settled before being brought before the court of first instance.

• Issuing legal frameworks regulating reinsurance business, including licensing of reinsurance and symbiotic reinsurance companies, with the aim of creating strong financial entities able to pay compensation quickly and able to compete with global markets.

• Issuing life and family symbiotic insurance instructions, which were marked by a qualitative shift in the organization of the market for this type of insurance in the country. As these instructions aim to achieve more transparency and disclosure to the insurance student about all matters that concern him in order to form an appropriate opinion according to his insurance needs, in addition to organizing the topic of commissions collected in distribution channels and how they are to be paid in a way that ensures the protection of the insured and beneficiaries.

• In the field of digital transformation, the authority issued legal frameworks regulating the experimental environment for information technology, a framework set by financial regulatory authorities to allow small-scale testing of innovations by private companies in a controlled environment operating under a special exemption, or other limited exception under regulatory supervision .

• Issuing a decision regulating the work of the Sharia observer in the Takaful insurance companies, to ensure that the company adheres to the instructions to confront money laundering and combating terrorist financing in insurance activities and other relevant decisions.

90

A program in the skills initiative completed the training of 1300 citizens.