Regulatory Alerts2022-09-29
Corporate Governance Regulation for Insurance Companies
The Central Bank of the United Arab Emirates issued this regulation to establish minimum corporate governance standards for all insurance companies, including Takaful entities and foreign branches, to ensure financial stability and policyholder protection. The framework mandates that Boards of Directors implement comprehensive governance structures covering risk management, internal controls, compensation, and financial reporting while adhering to the principle of proportionality. These requirements supplement existing federal laws and Insurance Authority decisions, with Central Bank standards prevailing in the event of any contradictions.
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