"Central Bank" He discusses with insurance companies and brokers development initiatives to enhance the competitiveness of the sector
Abu Dhabi, November 21 / WAM / His Excellency Ahmed Al Qamzi, Assistant Governor of the Central Bank of the United Arab Emirates – Banking and Insurance Supervision Sector, and a group of CEOs of insurance companies and brokers in the country, during the meeting held in the presence of a number of senior employees of the bank, discussed the regulatory, legislative and supervisory developments that shape the future of the insurance sector in the country, and reviewed the strategic opportunities to establish a flexible and competitive insurance sector in line with international best practices.
According to a press release issued today, the attendees expressed their appreciation for the distinguished efforts and initiatives that support the development of the financial sector, achieve the strategic aspirations of the country and enhance its competitive position globally.
During the meeting, the Central Bank gave a comprehensive presentation on developments in the regulatory framework for the insurance sector, and highlighted future plans, stressing its commitment to implementing and taking into account international standards, especially the basic principles of insurance issued by the International Association of Insurance Regulatory and Supervisory Bodies.
The attendees also discussed the application of the risk-based insurance sector supervision approach by the Central Bank’s Insurance Supervision Department, which directs the regulatory plans and approach used in supervising insurance companies, in addition to reviewing the governance and risk management methodology in light of a changing risk environment, with a focus on enhancing the sector’s flexibility and sustainability in the long term.
The importance of enhancing awareness of risks and establishing institutional and professional behavior at the sector level was emphasized.
The Assistant Governor said that the Central Bank continues to strengthen its supervision of the insurance sector to ensure appropriate institutional governance and internal control systems to support the insurance market in the country, increase its contribution to the national economy, and consolidate its competitiveness and leadership regionally. The regulatory and legislative initiatives launched by the Central Bank, especially in the areas of institutional governance and risk management, in addition to the full application of the risk-based supervision approach, have contributed to creating a qualitative shift in the sector’s performance and growth, thus consolidating our commitment to international standards and best supervisory practices.
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