Milliman provides insight on new UAE insurance regulations

Global consulting and actuarial firm Milliman Inc. published research last week on the Insurance Authority's (IA) new regulatory reform in the United Arab Emirates.

Insurers were advised to commence transitioning into compliance with the new regulations immediately, but have been given a three-year window for compliance to be complete. Changes insurers must make will include more IA supervision, significant improvement in practices related to risk management and mandated close work with actuaries on issues of solvency, reserving, investments and financial forms.

“With the new guidelines, the IA has certainly raised the bar for insurance regulations in the region,” Safder Jaffer, principal in Milliman’s Dubai office, said. “We expect significant change for both conventional insurers and for Takaful companies as the new regulatory framework is enacted in the coming months and years.”

Milliman Inc., founded in 1947, is a major provider of actuarial and related products and services, consulting in healthcare, property and casual insurance, life insurance, financial services and employee benefits. Milliman's offices are located in major metropolitan areas worldwide.

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