The IA signs a Memorandum of Understanding with Abu Dhabi Chamber of Commerce and Industry

: 4/2/2011

Tuesday, April 26, 2011

The Insurance Authority (IA) signed a memorandum of understanding (MOU) with Abu Dhabi Chamber of Commerce and Industry in the presence of H.E Eng. Sultan bin Saeed Al Mansouri, Minister of Economy and Chairman of the Insurance Authority, with the objective of coordination and cooperation between both parties to monitor the insurance companies, companies, and institutions that practice the insurance-related professions in the Emirate of Abu Dhabi and to support the joint economic and insurance programs and activities.​

The MOU was signed by H.E. Fatima Mohammed Ishaq Al Awadi, Deputy Director General of the IA and H.E. Mohamed Rashed Al Hameli, Director General of Abu Dhabi Chamber of Commerce and Industry.

The MOU aims at enhancing the cooperation between both parties and setting a formal foundation for joint cooperation, including the exchange of information and assisting in the fact finding. Further, the MOU constitutes the foundation to discuss areas of common interest and inviting each other to attend the relevant conferences and training courses hosted by the Abu Dhabi Chamber of Commerce and Industry or the IA.

 Pursuant to the MOU, exchange of relevant information, statistical data, and studies, in addition to the coordination and consultation and development of the skills of the employees of the signatories will be started through the organization of joint events including workshops and seminars and taking part in the seminars and conferences organized by both parties and effective contribution to the promotion of the insurance awareness.

Al Awadi said that the signing of the MOU by the IA points out the importance of the role of the insurance sector in the process of economic integration in the society by seeking to reinforce the legislative structure of the insurance sector with the objective of developing the rules of control and supervision and support the institutional structure of the market. She indicated that the signing of the MOU comes in line with the ongoing cooperation and strategic partnership between the IA and the local, federal, and international entities.

Al Awadi added that the signed MOU set the foundations of cooperation in the area of exchange of information and technical assistance in the supervisory aspects, as well as promotion of the open communication and cooperation in issues with common importance. She hoped the MOU contributes to achieving the UAE strategic vision for 2021 by presenting an integrated project that aims at achieving the maximum benefit from the programs, initiatives, and activities in the areas of providing an adequate business environment and integrated services to satisfy the customers, in addition to ensuring sound adoption of the laws and regulations which regulate the business of both parties and effectively contribute to the promotion of insurance awareness.

On his part, Mohamed Rashed Al Hameli asserted the importance of signing this MOU with the IA as it will open the opportunity for cooperation between both parties in the organization of joint events such as seminars, conferences, forums, workshops, training courses and other events relevant with the economic and insurance issues and affairs and exchange of advice and consideration regarding the all issues and topics related to the insurance activity and the operations of the insurance companies operating in Abu Dhabi, in a manner that contributes to enhancing their role in achieving the sustainable economic development in Abu Dhabi.

Al Hameli indicated that under the signed MOU, the IA and Abu Dhabi Chamber of Commerce and Industry will exchange the information and establish ongoing communication regarding the operations and role of the insurance companies and they will work to provide appropriate opportunities to train and qualify the citizens and expand their involvement in the insurance sector. Further, they will exchange the economic publications which are issued by both parties and they will establish electronic link to provide the best services to their customers.

He added that the chamber will provide all available means of support to implement the items of this MOU, which contributes in facilitating the mission of the private companies and institutions in the Emirate of Abu Dhabi, especially those operating in insurance, and solving all the obstacles and difficulties they face. He said that the chamber will cooperate with the IA to provide the best services to the institutions operating in such sector in the Emirate.

It is worth noting that the IA is a federal supervisory entity which enjoys financial and administrative independence and it is responsible for regulating and controlling the insurance sector in the State as per the Federal Law number 6 of 2007 concerning the establishment of the IA and organization of operations thereof.​

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