Thursday, April 28, 2011
Under the kind patronage of H.E.
Eng. Sultan Bin Saeed Al Mansouri, Minister of Economy and Chairman of the
Insurance Authority (IA), the IA signed a Memorandum of Understanding (MOU)
with Dubai Financial Services Authority (DFSA). The MOU was signed by H.E.
Fatima Mohammed Ishaq Al Awadi, Deputy Director General of the IA and Mr. Paul
Custer, CEO of DFSA.
The IA is responsible for organizing
the activity of the insurance sector in the UAE and supervision thereon in a
manner to ensure providing a sustainable environment that achieves development
and caters to the best interest of relevant parties (the consumers, the public,
professionals, insurance companies, beneficiaries, and those applying to
receive the insurance services and properties).
Paul Custer, CEO of DFSA said: “I am
pleased to sign the MOU with the federal entity responsible for the insurance
activity in the State, namely the IA. The DFSA already has strong relationships
with the IA. Both entities are members at the International Association of
Insurance Supervisors (IAIS), which is assigned to set the standards of the
insurance industry. The IA was among the sponsors and key participants in the
Annual IAIS Conference which was hosted by the DFSA last year in Dubai”.
Paul Custer added: “signing of the
MOU expands the circle of cooperation between both entities to include the
daily organizational issues and adds the official capacity to the operations of
information exchange between both entities. It also asserts that supervisors
from both entities rely on the quality of organizational standards which are
run on a federal basis and inside the Dubai International Financial Centre.
Further, the signing of such MOU creates an official link for cooperation
between DFSA and the three federal financial supervision bodies, whereas two
MOUs were signed with the UAE Securities and Commodities Authority (SCA) in
2005 and the Central Bank of United Arab Emirates in 2009”.
Paul Custer went on to say: “continuing the close
cooperation and joint future initiatives between DFSA and the IA will reinforce
our commitment to ensure the financial stability and boost the achievement of a
sound economic growth in the UAE”.