Monday, October 25, 2010
The Insurance Authority (IA) confirmed
the launch of the project of e-link between the IA and the insurance companies.
H.E. Fatima Mohammed Ishaq Al Awadi, Deputy Director General of the IA expected
that the new e-linksystem will be completed by the end of 2011 and the pilot
application thereof will be launched as of the beginning of 2012. She affirmed that the project aims at setting
a platform of the unified register of the insured, especially the drivers and
the accidents caused by each driver.
Al Awadi expected that the project
will minimize the number of traffic accidents, enhance the standards of
competition among the countries, and improve the quality of services provided
to the clients. Al Awadi emphasized that the insurance companies do not have
any problems joining the project in the technical aspect. Further, such project
will include detailed information about the companies and it will facilitate
their functioning to a great extent, as well as facilitate the communication
between the policyholders, the companies, and the IA.
Al Awadi emphasized that the IA has no applications currently to establish new
insurance companies in the State, whether national or foreign companies, but
procedures to finalize licensing of a national Takaful insurance which received
an initial approval to operate in the State will be finalized soon. Companies
affiliated to Abu Dhabi government are shareholders in such company, including Abu
Dhabi National Insurance Company, Aldar Properties, and Abu Dhabi National
Energy Company with a paid up capital of AED150 million.
The capital of the new company exceeds the capital set
for the insurance company as per the Cabinet decision number 42 of 2009
concerning the regulations of minimum capital of the insurance companies which
set the minimum capital at AED100 million for the insurance company and AED250
million for the reinsurance company. With the new company entering the local
market, the number of insurance companies operating in the State increases to
59 national and foreign companies.