Sunday, February 27, 2011
The Insurance Authority (IA) issued
a circular calling upon all insurance companies licensed to operate in the State
to place the issue of Emiratization among their priorities by attracting the
national cadres and setting the plans required to train such cadres.
H.E. Fatima Mohammed Ishaq Al Awadi,
Deputy Director General of the IA, said in the circular that the IA will not
issue approvals to any company to open a new branch or branches unless the
number of UAE nationals set by the IA is appointed. She explained that such
number will be determined through a study of the status of Emiratization in
each insurance company upon submitting an application to open the new branch or
branches.
She asserted in the circular that
supporting the UAE nationals and enabling them to join the labor market in all
domains is a top priority of the wise leadership of the UAE. She indicated that
H.E Eng. Sultan bin Saeed Al Mansouri, Minister of Economy and Chairman of the
Insurance Authority, pays attention to Emiratization in the insurance sector as
a top priority of the IA in line with the directives of the wise leadership.
The circular explained that the
Emiratization rate in the insurance sector is too low and it is not consistent
with the role it is expected to perform in the Emiratization domain.
It stated: “since the insurance
sector is one of the important sectors, hope is pinned on it to perform a
pioneering role in this regard. The circular indicated that this cannot be
achieved unless the insurance companies put the Emiratization as a priority by
attracting the national cadres and setting the plans required to train and
prepare them to assume leading positions”
The Deputy Director General of the
IA affirmed in a press release that such procedures taken by the IA completes
the series of procedures taken previously in relation to Emiratization in the insurance
sector. She explained that the magnitude of the insurance market in the UAE warrants
the insurance companies in the State to take the necessary initiatives and
procedures to increase Emiratization in such vital sector and expand the base
of the contribution of the insurance sector in attracting the national cadres.
