Regulatory Alerts2019-04-17
Board of Directors’ Decision No. (15) of 2019 On the Instructions Concerning the Rules of Ownership Ratios in the Capital of Insurance Companies
The Insurance Authority of the United Arab Emirates issued Decision No. (15) of 2019 to establish strict controls and conditions for individuals and entities seeking to acquire controlling stakes in insurance companies. The regulation mandates prior approval for ownership increases exceeding 10%, requires detailed financial and background disclosures for all applicants, and defines specific eligibility criteria for strategic partners. It further outlines the Authority's decision-making timeline, the company's obligation to report ownership changes, and the procedures for appealing rejected applications.
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