Al Mansouri chairs the first meeting of the New Board of the Insurance Authority

: 12/20/2015

-               Obligating the companies to include the value of the premium in the insurance policies to promote the principle of transparency.

-               Discussing the developments of the study of the new Motor Insurance Policies in light of the proposals of the companies, policyholders and the public.

Al Mansouri:  We strive to issue a unified Motor Insurance Policy that meets the aspirations.

Abu Dhabi,  19 December 2015

The Board of Directors of the Insurance Authority (IA) held its first meeting under the chairmanship of His Excellency Sultan Bin Saeed Al Mansouri, Minister of Economy and Chairman of the Board; and in the presence of members of the Board, HE Ibrahim Obaid Al Zaabi, Director General of the IA.

The new Board includes HE Humaid Ali Bin Butti Al Muhairi. HE Maryam Butti Al Suwaidi, HE Mariam Mohammad Amiri, Mr. Hamad Harith Al Medfa, Mr. Hamad Saif Al Mansouri, and Mr. Abdullah Ali al-Hamli.

The Board discussed during several of interest to the insurance industry and the domestic market and means of enhancing the integrated system for the development of the Authority and its services operations and enhance the performance of the sector and increase its growth in the light of the continued growth of the sector and the national economy in all fields, the issues of the meeting.

On the basis of the IA keenness to promote the principle of transparency, the Board approved the amendment of some provisions of the Ministerial Resolution No. 54 of 1987 concerning the Harmonization of Motor Insurance Policies by adding a new clause to the General Conditions of the Motor Insurance Policy vehicle against loss, damage and civil liability (Comprehensive Motor Insurance Policy) and the Motor Insurance Policy against civil liability (Third Party Motor Insurance) so that the company adheres to accurately and clearly include the value of the premium or contribution collected from the Insured or the policyholder along with all expenses in the policy schedule and the issued by the company and the vehicle insurance certificate.

This amendment will be included in the insurance policies that are issued by all insurance companies operating in the State after the entry into force of this Decision.

Engineer Sultan bin Saeed Al Mansouri said that this decision was made in the context of the Authority's keenness to enhance transparency and clarity in the insurance policies issued by insurance companies to the customers and to end the disparity in insurance premiums values in order to resolve the problems that arise between the insurer and the insured in a manner to boost competition mechanisms in the local insurance market and result in the development of the sector's performance in all aspects.

The Board discussed the draft amendment to the Unified Motor Insurance Policy against loss, damage and liability.   It also discussed the proposals suggestions and perceptions obtained by the IA on the clauses of the draft policy during recent meetings with the insurance companies, insurance-related professions, the Emirates Insurance Association, professionals and experts in addition to the proposals and views of the policyholders of the insurance after posting the draft policy on the IA website and inviting the policyholders and the public to express their opinion and comments thereon.

The Minister of Economy and Chairman of the Board stressed the need to prepare an advanced motor insurance policy in accordance with the applicable international standards in this regard; meet the aspirations and interests of all parties; contribute to avoiding problems and uncertainty about certain provisions contained in the currently applicable  policies issued under the provisions of Ministerial Resolution No. 54  of 1987 and in line with development of the insurance sector and continued growth of the national economy.

His Excellency that determining and monitoring the insurance rate tariffs is one of the basic functions assigned to the IA in accordance with the provisions of Article (8) of the Executive Regulations of the Federal Law No. (6) concerning the Establishment of the Insurance Authority, which grants the IA in the first article the authority to determine and amend the unified tariff for the rates of certain types of insurance as appropriate.  The second article grants the IA the authority to monitor the rates applied by the companies and how they commensurate with the risk covered by the insurance, and to request detailed information on the principles and rules that have been adopted by the company in setting the rates.

The IA has held, during this year, several dialogue sessions with the companies, insurance-related professions, experts, specialists, policyholders, partners and the Emirates Insurance Association.  The meetings discussed the clauses of the draft amendment to the motor insurance policies, which confirms the IA’s care to move forward in enhancing its approach to interchange and exchange of views and ideas with the insurance companies operating in the State in all issues that will help the development of the insurance sector, promote fair and effective competition and provide the best insurance services in order to protect the national economy and promote its growth and development.

The “unified motor insurance policy against loss, damage and liability" consists of two chapters; the first relates to loss and damage, whereby the insurance company is committed to indemnify the Insured for loss and damage to the insured vehicle, its components and spare parts when they are present in the vehicle, in several situations arising from loss or damage, in addition to some cases that are excluded from the provisions of "loss and damage".

The second chapter relates to the civil liability policy whereby the company is committed to indemnify the Insured within the limits of its liability set forth in the event of an accident resulted or caused by the use of the insured vehicle, in addition to specified general exceptions. On the other hand, the IA Board of Directors congratulated the management and staff of the IA for obtaining the international accreditation certificate in quality management - ISO (ISO9001:2008) after its success in complying with the implementation of quality standards in all the IA processes as per the set specifications.

HE Engineer Sultan bin Saeed Al Mansouri said that obtaining the ISO international accreditation certificate in quality management by the IA is a culmination of its efforts in the field of administrative processes and services provided to customers in line with the strategic objectives of the Authority and the requirements of institutional excellence at all levels,

The Minister confirmed that the IA has adopted the best international standards relating to administrative processes and delivery of services in the various areas.   He noted that obtaining the ISO by the Authority was a new success in the field of ensuring the quality of operations and services provided to customers in the UAE.

HE Sultan Bin Saeed Al Mansouri urged the IA staff to make further efforts for more ongoing development and improvement of the quality of service, processes and requirements that meet the satisfaction of policyholders, the public and customers; and even go beyond their expectations and consistent with the quality and competitiveness requirements and institutional excellence in order to raise the level of efficiency and competitiveness and to live up to the highest international standards in providing insurance services.

The Insurance Authority continuously seeks to offer competitive and sophisticated services to its customers including insurance companies and insurance-related professions in line with the vision of the leadership for the regulation and development of the insurance industry to upgrade its criteria to compete globally, and to achieve its strategic competitive objectives aiming at regulating and developing the insurance sector in the State, enhancing supervision and control over the insurance sector and promoting the UAE as a regional and global insurance hub, and ultimately develop the work performance and raise the competitiveness of the UAE insurance market. 



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