Regulatory Alerts2010-03-21
Insurance Authority Board Resolution No. 3 of 2010: Code of Conduct and Ethics for UAE Insurance Companies and Professions
The UAE Insurance Authority Board of Directors issued this consolidated resolution to establish a mandatory Code of Conduct and Ethics governing all licensed insurance companies and related professions operating in the UAE. The regulations require insurers to maintain transparency in pricing and advertising, issue clear and legally compliant policy documents, and adhere to strict timelines for processing claims and resolving client complaints within fifteen days. Additionally, the framework mandates adherence to anti-money laundering rules, prohibits discriminatory underwriting practices, and establishes structured procedures for settling inter-company disputes and reporting to regulatory authorities.
Share