Cooperation between insurance authority and Dubai Financial Services

: 4/28/2011

Thursday, April 28, 2011

Under the kind patronage of H.E. Eng. Sultan Bin Saeed Al Mansouri, Minister of Economy and Chairman of the Insurance Authority (IA), the IA signed a Memorandum of Understanding (MOU) with Dubai Financial Services Authority (DFSA). The MOU was signed by H.E. Fatima Mohammed Ishaq Al Awadi, Deputy Director General of the IA and Mr. Paul Custer, CEO of DFSA.

The IA is responsible for organizing the activity of the insurance sector in the UAE and supervision thereon in a manner to ensure providing a sustainable environment that achieves development and caters to the best interest of relevant parties (the consumers, the public, professionals, insurance companies, beneficiaries, and those applying to receive the insurance services and properties).

Paul Custer, CEO of DFSA said: “I am pleased to sign the MOU with the federal entity responsible for the insurance activity in the State, namely the IA. The DFSA already has strong relationships with the IA. Both entities are members at the International Association of Insurance Supervisors (IAIS), which is assigned to set the standards of the insurance industry. The IA was among the sponsors and key participants in the Annual IAIS Conference which was hosted by the DFSA last year in Dubai”.

Paul Custer added: “signing of the MOU expands the circle of cooperation between both entities to include the daily organizational issues and adds the official capacity to the operations of information exchange between both entities. It also asserts that supervisors from both entities rely on the quality of organizational standards which are run on a federal basis and inside the Dubai International Financial Centre. Further, the signing of such MOU creates an official link for cooperation between DFSA and the three federal financial supervision bodies, whereas two MOUs were signed with the UAE Securities and Commodities Authority (SCA) in 2005 and the Central Bank of United Arab Emirates in 2009”.

Paul Custer went on to say: “continuing the close cooperation and joint future initiatives between DFSA and the IA will reinforce our commitment to ensure the financial stability and boost the achievement of a sound economic growth in the UAE”.    

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