Regulatory Alerts2024-04-30
Financial Reporting and External Audit Regulation for Insurance Companies
The Central Bank of the UAE issued this regulation to establish minimum standards for financial reporting and external audits across all domestic insurance and Takaful companies. It mandates that boards and senior management prepare IFRS-compliant financial statements, ensure annual public disclosure with an independent auditor’s opinion, and submit comprehensive qualitative and quantitative reports detailing business operations, policyholder treatment, risk management, and internal controls. By enforcing strict audit oversight and group-wide compliance, the framework aims to safeguard institutional soundness, enhance financial stability, and protect policyholders through alignment with international best practices.
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