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International

Consistent regulations will safeguard long term viability of takaful industry: A.M Best

January 30, 2013 Reprints

Each Gulf Cooperation Council nation has its own method for regulating insurance services and the divergent policyholder protection levels in the region’s takaful industry have led to opportunities for takaful operators to indulge in regulatory arbitrage, A.M. Best Co. said in a report.

The takaful model’s specifics have resulted in general insurance rules being unable to ensure adequate policyholder protection, Asia Insurance Review reported citing Best’s report.

Best said that standardized regulatory applications across the GCC region could help protect the takaful sector’s long-term viability.

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Consistent regulations will safeguard long term viability of takaful industry: A.M Best

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