Regulatory Alerts2020-05-13
Insurance Authority Board of Directors' Resolution No. (20) of 2020 Concerning the Extension of Submission Periods for Financial Data and Reports
The Insurance Authority Board of Directors issued Resolution No. (20) of 2020 to extend the deadlines for insurance and Takaful companies to submit quarterly and annual financial statements by an additional 45 days, ending on June 30, 2020. The resolution grants the Director General the authority to issue necessary decisions and circulars to further extend submission periods for required financial statements and reports from the sector. This measure was implemented based on the Director General's recommendation and approved by the Board to facilitate compliance with financial regulations.
Insurance Authority Board of Directors' Resolution No. (20) of 2020 Concerning the Extension of the Periods Granted to Insurance Companies to Submit the Specified Financial Data and Reports Statement and giving the Director General the Authority to Extend the Periods of Submission of the Required Financial Statements from the Sector The Chairman of the Board of Directors of the Insurance Authority, Having pursued,
- The Federal Law No.)6( of 2007 on Establishment of the Insurance Authority & Organization of Insurance Operations, the amendments thereof and its Executive Regulation;
- The Insurance Authority Board of Directors’ Decision No. (25) of 2014 Pertinent to Financial Regulations for Insurance Companies;
- The Insurance Authority Board of Directors’ Decision No. (26) of 2014 Pertinent to Financial Regulations for Takaful Insurance Companies;
- The legislations, regulations, instructions and enforceable decisions issued by the IA;
- And, based on the recommendation of the Director General of the Insurance Authority and the approval of the Board of Directors, Has resolved, Article (1) The periods granted in the Insurance Authority Board of Directors’ Decision No. (25) of 2014 Pertinent to Financial Regulations for Insurance Companies and the Insurance Authority Board of Directors’ Decision No. (26) of 2014 Pertinent to Financial Regulations for Takaful Insurance Companies for submitting quarterly financial statements and any annual or quarterly reports or statements required by the Authority shall be extended for additional (45) days ending by 30/06/2020.
Article (2) The Director General the Authority shall be authorized to issue decisions and circulars necessary to extend the periods prescribed to submit the financial statements and any other reports, statements, information ,or forms required by the Authority from insurance companies and insurancerelated professions under the legislations in force. Article (3) The Director General shall issue the decisions and circulars necessary to implement the provisions of the Decision herein. Article (4) The provisions of this decision shall come into force as from the date of its issuance. Eng. Sultan bin Saeed Al Mansoori. Minister of Economy -Chairman of the Insurance Authority Issued in Abu Dhabi on: 13/5/ 2020 In case there is any inconsistency between this translation and the Arabic version of this resolution, then the Arabic version shall prevail.