IA managed to settle 98.2% complaints 3391 complaint against insurance companies in nine months

: 1/28/2015

AL ITTIHAD NEWSPAPER

Sunday, January 11, 2015 

The Insurance Authority (IA) received 3391 complaints from policyholders against insurance companies and related professions during the first nine months of 2014, according to Ibrahim Obaid Al Zaabi, Director General of the IA.

In statements to Al-Etihad Newspaper, Mr. Zaabi revealed that the IA has managed to settle 98.2% of 3329, the total number of complaints raised by policyholders in accordance with the powers set out in the IA establishing law.

He explained that the remaining complaints submitted by policyholders accounted for about 1.8% of the total complaints received by the IA in the framework of its review.

Mr. Zaabi said: “The complaints on motor insurance accounted for the majority of the total complaints received.  The remaining complaints were distributed among the classes of life, property and health insurance.”

Mr. Zaabi pointed out that the rate of complaints resolved during the first nine months of last year was the highest rate recorded over the past years.

He explained that the IA Department of Complaints directly receives complaints from policyholders.  Such complaints are carefully examined by a team having the proper competence and experience to verify their content through direct contact with the concerned company, and thus engage in the discussion stage of the resolution process for all points of contention between the policyholders and companies in accordance with the relevant legal norms.

He noted that in the context of the ongoing efforts by the IA to deal with and follow up on complaints continuously to find solutions thereof, the IA in many cases carry out inspection tours and field visits to insurance companies and local insurance market through its professional staff who are qualified for this type of work, or in cooperation with relevant local and federal authorities, taking into account the factor of quick action and its importance in resolving complaints received using the appropriate amicable and legal methods.

The IA provides solutions and settlements for the received complaints within a period of no more than five working days from the date of filing the complaint, which is consistent with the standards set forth for the settlement and resolution of complaints with excellence and competitiveness.

Mr. Zaabi confirmed the IA’s keenness and interest to serve the citizens and policyholders perfectly, and to address all complaints existing in the local market using the appropriate amicable and legal methods in order to improve the performance of the UAE insurance sector, promote the competitiveness of the local insurance market, improve the overall outlook of the insurance industry in the UAE, and enhance regional and global confidence in it.

He said:  “The IA works through its mandated functions under the Federal Law No. (6) for 2007 on the establishment of the IA, to protect the rights of policyholders and beneficiaries and to achieve balance and fairness between these rights and the interests of companies campaign with the aim of enhancing the competitiveness of the local insurance market and improving its performance in line with the continuous development and progressive growth of the national economy in both of its macro and micro components.”

He pointed out that the IA has worked on overcoming some shortcomings in the local insurance market through legal and legislative regulation, and its oversight role, which complement each other to build a sophisticated and competitive insurance market at the regional and global levels.

He said that “the conviction of all parties in the local insurance market with respect to credibility of the Insurance Authority and the legal ground on which it has based the performance of its tasks and responsibilities has contributed to reaching amicable solutions for most of the issues raised.

He confirmed that the IA seeks to promote its human and technical capabilities and develop the tools of insurance awareness among policyholders and the public with a view to achieve a more sophisticated and competitive regulation of the insurance sector and supervise it to ensure the promotion of the role of the insurance industry in the overall development for the national economy in the UAE.

75 inspection tours by the IA

The number of inspection tours conducted by the Insurance Authority during the first nine months of 2014 were about 75 inspection tours distributed among 15 national and foreign companies operating in the UAE, and 60 companies of professions associated with insurance, according to Mr. Ibrahim Obaid Al Zaabi, Director General of the IA.

Mr. Zaabi said that such tours were part of the IA effort to develop the insurance sector, improve its performance, enhance the competitiveness of the local insurance market, improve the overall outlook of the insurance industry in the UAE, and strengthen the regional and global confidence in it.

He added that to achieve this goal, the IA plays a supervisory and regulatory role over insurance companies and insurance-related professions to ensure the regulation of and oversight over the insurance business in accordance with the best legal foundations used in the international insurance industry.  It also aims at ensuring compliance by the companies with the relevant legislation and ensuring the soundness of the technical and financial positions of insurance companies and professions as well as their adherence to the technical principles for the conduct of insurance and reinsurance operations.

 

ONLINE POLL

{{pollData.Question._Eng}}{{pollData.Question._Ara}}


({{progress}}%)
× Error! {{myError}}
× Done! {{successMsg}}
{{voteItem._Eng}}{{voteItem._Ara}} ({{voteItem._Percentage}}%):
{{voteItem._Eng}}{{voteItem._Ara}} ({{voteItem._Percentage}}%)