Radio Noor Dubai Host Fatima Al-Awadi in Direct Dialogue

: 1/9/2012
Radio conducted "Noor Dubai" direct dialogue with HE Fatima Mohammed Ishaq Al-Awadi, deputy director of the Insurance Commission in its "View and request" provided by the media, Mrs. Merhan ElDesoki.
 
And answered her happiness in this dialogue, which has spread to more than 17 minutes on Questions and Introduction to direct program which addressed many of the issues associated with the body of insurance and the insurance sector in the UAE as well as visions of the future of this vital sector in the economy of the state.
 
Given the importance of this dialogue are the following questions Noor Dubai radio and answers HE Fatima Mohammed Ishaq Al-Awadi by:
1 - How do you see your Excellency the insurance sector is currently in the state, and how Tscservon future?
In fact, the insurance industry in the United Arab Emirates shift distinct and significant growth over the past years, especially after the establishment of the Insurance Commission under the Federal Law No. 6 of 2007, as an independent state insurance regulatory and supervision.
 
We can say today, four years after the establishment of the insurance, the insurance sector in the UAE is currently living golden period compared to previous periods, especially after the rearrangement of the sector and the organization of local market conditions as appropriate in terms of performance, control and competitiveness. It worked the Insurance Commission to complete the legislative framework, which is the cornerstone of the controls on the insurance sector in the state and has taken several actions that was poured all direction appropriate to regulate the market according to the standards seek to improve performance and application of best practices and legal rules and regulations in the domestic market.
 
We stress that the next stage will see a number of measures aimed at restructuring the insurance market and establishment of the UAE according to the best principles and technical rules, financial, legal, simultaneous with the development of indicators and the growth of the sector in all areas.
2 - Can you tell us about the most outstanding achievements of the legislative body for the insurance?
The achievements of the Insurance Commission over the years are many and varied, especially in the legislative field. The Commission issued the Regulations of the Federal Act for the Establishment of the Commission, and Instructions No. (1) for the year 2009 on the actions taken to face money laundering and combating of terrorism in insurance activities, and Instructions No. (3) for the year 2010 on the rules of practice and ethics to be followed by insurance companies, which aims In a final campaign to protect policyholders and beneficiaries.
  
The Commission issued a Takaful insurance number (4) for the year 2010, which is the first of its kind in the Arab region and the most comprehensive of the specialized systems at the level of Islamic countries. And issued Instructions No. (8) for the year 2011 concerning the regulation of the insurance agents, and instructions for license management companies, health insurance claims, organize and control work. As well as the application of the Council of Ministers Decision on increasing the minimum capital of insurance companies and reinsurance in the country.
 
Insurance Commission has also worked on the preparation of projects as well as financial instructions to prepare your accounting projects.
 
Also prepared a draft instruction on the controls and the marketing of insurance policies by banks, which is hoped to issue a final in the coming period, as well as instructions on the draft license offices of foreign insurance companies in the state.
 
There are a lot of decisions and regulations in the areas of insurance brokerage and judicial and other areas.
3 - Do the indicators and figures support the paradigm shift in the insurance sector earned the country over the past years?
Indeed, indicators and data that support this Anaklhfa the domestic insurance sector are many and quality. But we can now highlight the most important indicators:
  
    In the field of insurance premiums, the Emirates Today top Arab markets in terms of premiums, which grew in size by 51 percent between 2007 and 2010 and by 10 percent in 2010, rising from 14.6 billion dirhams in 2007 to (22) billion dirhams in 2010.
    Funds invested in the field has grown the money invested in the insurance sector the state by 20 percent from 23.1 billion dirhams in 2007 to 27.6 billion dirhams, 2010, which confirms the importance of the domestic insurance sector and its vital role for the national economy.
 
   Also increased the number of companies registered in the records competent (51) insurance company in 2007, including 24 national insurance company and 27 foreign insurance company to (61) insurance companies now, including 34 national insurance company and 27 foreign insurance company, notes that the Board of Directors of the insurance issued in December 2009 decision to stop granting new licenses to operate in the UAE market with the exception of companies that are raised by local governments.
4 - We have heard in more than one occasion that the Insurance Commission has a plan and the initiatives to resettle in the insurance. Is it possible to Thdthonna about that?
I would like to emphasize that the beginning of settlement in the insurance sector is one of the most important priorities of the Insurance Commission. Insurance Commission has translated this priority in many practical measures, as the initiative to change the reality and the rates of settlement in insurance companies of both quantity and quality. It is in quantitative terms, the Authority to prepare decisions and instructions of assistance, such as linking to allow companies to open new branches employing specific ratios of citizens, requiring foreign insurance companies operating in the domestic market does not work in any picture to achieve the overall rate at least to settle before the end of this year, and other decisions and instructions .
 
 The qualitative terms, the Authority has expanded the training base, rehabilitation and supplement the citizens working with the latest systems and methods of scientific and professional in place, began to form a committee to manage the training center for the insurance and takaful in conjunction with the Emirates Institute for Banking and Financial Studies, in addition to our initiative to organize a series of meetings with staff working citizens in companies insurance in the UAE for all to see near the obstacles and problems faced by citizens, as well as the adoption of a series of courses that included raising the level of professional and scientific staff working in the national insurance companies.
 
Thankfully, we can say that the preliminary results of these initiatives and actions are promising. The increased numbers of citizens working in the insurance companies increased by 13.3 percent during the first nine months of this year.
 
The Authority in order to strengthen these results and developed a comprehensive plan for resettlement for the period between 2012 - 2014, which was presented to the Federal Council of the composition of the population .. The plan includes training programs and improving the salaries of people working in the insurance companies by providing financial support to them, to enhance the attractiveness of the work of the citizens in this vital sector, in line with the aspirations of the wise leadership and the government's strategy in this area.
5 - Insurance Commission is working on the development of the complaints office has. Can you brief us on the objectives of this section and complaints it receives?
Concerned with the Insurance Commission since its inception to serve the citizens and policyholders perfectly competitive and within the framework of law enforcement in order to enhance the competitiveness of the domestic insurance market.
 
For that we have created a specialized office for complaints and inquiries to resolve problems with insurance companies and brokers and addressed amicably and appropriate legal.
  
Thankfully, we can say that at the time of the number of complaints received by the Authority about (550) complaints per month, the conviction of all parties in the insurance market, the domestic credibility of the Insurance Commission and its neutral stance on all issues and complaints contributed to reach amicable solutions to most of the cases before .
 
6 - I have heard that the authority has to prepare financial and accounting projects as part of its strategy for the organization of the local insurance market and the development of his performance, do you Ttalaaana it?
Yes, the Insurance Commission has prepared three draft instructions in the financial field, namely:
 
Help solvency and the Minimum Guarantee
Help the foundations of the rights of policyholders Investment
Help the foundations of calculating technical provisions
Insurance Commission has also worked on the preparation of four projects accounting instructions are:
Help the accounting policies to be followed by the company and the necessary forms for reporting and presentation of financial statements
Help determine the company's assets that meet its insurance obligations
Help organize the foundations of accounting books and records of both companies, agents, brokers and select the data to be included in these records
Help the records that the company is committed to organize and maintain
7 - Will such projects or laws in the future, a guarantee for the company and the policyholder?
The projects help the financial and accounting essential aim of protecting the company and the protection of holders of insurance against risks both to protect the national economy and the compilation and development of national savings and investment to support economic development the state and provide the best insurance services provided by insurance companies operating in the country.
 
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