Regulatory Alerts2019-05-31
Insurance Authority’s Board of Directors Decision No. 23 of 2019 Concerning Instructions Organizing Reinsurance Operations
The Insurance Authority issued Decision No. 23 of 2019 to establish comprehensive regulatory instructions governing reinsurance operations within the United Arab Emirates. The document mandates strict licensing, registration, and capital requirements for domestic and foreign reinsurance companies, including a minimum paid-up capital of AED 250 million and specific ownership structures. It further delineates operational rules for conventional and Takaful reinsurance, detailing procedures for ceding and accepting risks, opening branches, and ensuring compliance with solvency and technical provisions.
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