The Financial Affairs Committee of the Federal National Council discusses draft amendments of provisions of the Insurance Authority Establishing Law

: 10/18/2012

Thursday, October 18, 2012

 

The Committee on Financial, Economic and Industrial Affairs of the Federal National Council (FNC) held a meeting at the FNC General Secretariat in Dubai on Tuesday, 17 October 2012, chaired by Sultan Rashed Al-Zaheri, Chairman of the Committee.  The meeting was attended by Ali Eissa Al-Neaimi, Rapporteur of the Committee, Ahmed Abdullah Al-Aamash, Ahmed Muhammad El-Amery, Muhammad Saeed Al-Regbani and Marwan Ahmed bin Ghalita, members of the Committee.

 

During the meeting, the Committee discussed its draft report on the Policy of the Ministry of Economy and made some amendments thereto in preparation to approve and submit it to the FNC.  The Committee also discussed the draft law amending the provisions of the Federal Law No. 6 of 2007 concerning the Establishment of the Insurance Authority and Organization of its Operations.

 

The Committee reviewed its approach and action plan to discuss the issue of the Policy of the Central Bank of the UAE.  Accordingly, a preliminary action plan was developed to address all aspects and components of the issue which concentrate on the laws and legislations organizing its operations and the role in organizing the monetary, credit and banking policy of the banking and financial sector in the State, which helps achieving a balanced growth of the national economy and stability of liquidity, as well as the policy of the Bank in supporting Emiratization in the banking sector in the State.

 

The Committee Discussed Six Draft Laws

Throughout 17 meetings held during the first session of the fifteenth legislative term, the Committee discussed six draft laws: a federal draft law concerning control on trading in valuable stones and precious metals and stamping thereof, a federal draft law concerning competition, a federal draft law concerning approval of the final account of the FNC and the final accounts of the affiliated independent entities for the financial year ended on 31/12/2010.  Other draft laws include a federal draft law concerning approval of the FNC final account for 2009, a draft law concerning the amendment of provisions of the Federal Law number 6 of 2007 concerning the Establishment of the Insurance Authority and Organization of its operations, and a federal draft law concerning companies.

 

In the area of regulatory activity, the Committee adopted five general topics about: the policy of the General Pension and Social Security Authority, the policy of the Ministry of Economy, the general policy of the UAE Central Bank, the policy of the National Bureau of Statistics, and the policy of the Emirates Securities and Commodities Authority. 

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