The Insurance Authority: Emiratization is a requirement to approve the opening of new branches for companies

: 2/27/2011

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.​

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