E-link between the IA and the insurance companies launched

: 10/25/2010

​Monday, October 25, 2010

The Insurance Authority (IA) confirmed the launch of the project of e-link between the IA and the insurance companies. H.E. Fatima Mohammed Ishaq Al Awadi, Deputy Director General of the IA expected that the new e-linksystem will be completed by the end of 2011 and the pilot application thereof will be launched as of the beginning of 2012.  She affirmed that the project aims at setting a platform of the unified register of the insured, especially the drivers and the accidents caused by each driver.

Al Awadi expected that the project will minimize the number of traffic accidents, enhance the standards of competition among the countries, and improve the quality of services provided to the clients. Al Awadi emphasized that the insurance companies do not have any problems joining the project in the technical aspect. Further, such project will include detailed information about the companies and it will facilitate their functioning to a great extent, as well as facilitate the communication between the policyholders, the companies, and the IA.

Fatima Al Awadi emphasized that the IA has no applications currently to establish new insurance companies in the State, whether national or foreign companies, but procedures to finalize licensing of a national Takaful insurance which received an initial approval to operate in the State will be finalized soon. Companies affiliated to Abu Dhabi government are shareholders in such company, including Abu Dhabi National Insurance Company, Aldar Properties, and Abu Dhabi National Energy Company with a paid up capital of AED150 million.

The capital of the new company exceeds the capital set for the insurance company as per the Cabinet decision number 42 of 2009 concerning the regulations of minimum capital of the insurance companies which set the minimum capital at AED100 million for the insurance company and AED250 million for the reinsurance company. With the new company entering the local market, the number of insurance companies operating in the State increases to 59 national and foreign companies. ​   

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