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
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
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.