Future Prospects of the Indian Insurance Sector The Indian insurance sector began its journey in 1818 with the establishment of the Oriental Life Insurance Company in Calcutta, under British regulatory frameworks. The sector has undergone significant changes since then, especially after India gained independence. The formation of the Insurance Regulatory…
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Social Insurance Contributions for GCC Countries The Gulf Cooperation Council (GCC) stands as a beacon of regional collaboration, encompassing six Arab states bordering the Arabian Gulf. Beyond its political and economic objectives, the GCC also emphasizes the welfare of its citizens, particularly in terms of retirement benefits and social security.…
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UAE's New Insurance Law of 2023 and Its Notable Changes The United Arab Emirates (UAE) has recently implemented a significant overhaul of its insurance sector regulatory framework through the introduction of Federal Law No. 48 of 2023, also known as the New Insurance Law. This law, which took effect on…
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Economic and Fraud Provisions in the Middle East “There is one and only one social responsibility of business – to use its resources and engage in activities designed to increase its profits so long as it stays within the rules of the game, which is to say, engages in open…
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Insurance and Reinsurance in Lebanon Under Decree Number 9812 of 1968, the rules and regulations concerning the insurance sector in Lebanon were established (Insurance Law). There have been limited subsequent revisions to those rules and regulations, and no material improvements were made since 1999. Within the Lebanese Ministry of Economy…
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Health Insurance in Oman The sharp sell-off in global oil prices that began in mid-2014 triggered an economic slowdown across the Gulf Cooperation Council (GCC) states, with enormous consequences for many sectors, including the health insurance industry. Despite this unexpected turmoil, however, significant changes in government health insurance regulations and…
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Laws and Regulations Governing Insurance Brokers in the UAE An Insurance Broker is defined under Federal Law Number 6 of 2007 (in respect of the establishment of the Insurance Authority and Regulating the Insurance Practice) as: “The person mediating independently in insurance or reinsurance operations between the insurance/reinsurance applicant on…
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Payment Protection Insurance Introduction Falling behind on mortgage, loan, or credit card payments can have serious repercussions such as penalty charges, damage to one’s credit score, and even loss of property. Payment Protection Insurance (PPI) is designed to help avoid these repercussions by paying the insured’s mortgage, loan, and credit…
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Marketing Foreign Funds in the UAE “There are two times in a man’s life when he shouldn’t speculate: when he can’t afford it and when he can.” – Mark Twain The world of financial markets and investments often induce reserved and divergent responses from the common man. Investing options are…
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Boarding Complete: An Islamic Rendering Part I of II Islamic Principles not only lay guidance on the relationship between man and God but also provide directives on a system of transactions for dealings between man and man to lead a life in an Islamic way. Such Islamic jurisprudence referred to…
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Fair Share - An Overview of Insurance Web Aggregators “When action grows unprofitable, gather information” -Ursula K. Le Guin, The Left Hand of Darkness From driverless cars to high-tech drones, mankind reveals an inclination to innovate first and plan later. The internet, for instance, has developed so fast making…
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INTRODUCTION: The Insurance Third Party Administrators have become the vital section of the insurance industry and changing the facade of the insurance sector all around the world. Third party administrators are neither insurance providers nor insured. They are the service providers bridging the gap between the two and serves the…
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Federal Overview Within the United Arab Emirates, insurance is largely governed at a Federal level by the Insurance Authority (IA) which was established pursuant to Federal law Number 6 of 2007 (the Insurance Law). The law replaced the previous enactment being Federal Law No.9 of 1984 on Insurance Companies and…
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