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
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
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
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.