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Member, Beacon International Group, Ltd.
DUBAI, United Arab EmiratesInsurance regulators in Dubai are considering a signficant cut in the amount of capital required of insurers that write direct long-term coverage in the emirate.
If the Dubai Financial Services Authority proposal is implemented, the capital requirement will drop to $10,000,000 from $100,000,000 for all non-captive insurers that write direct long-term business. The proposal is one of several insurance-related changes that the DFSA seeks to make.
Another change would require that a capital-adequacy framework be established for Dubai insurers that conduct direct long-term business from a branch located outside the Dubai International Financial Center.
"These proposals demonstrate our commitment to continue to develop our regime in line with international standards and the needs of the changing marketplace in which we operate," said David Knott, chief executive of the DFSA, in a statement.
The DFSA seeks public comment on the proposed changes that are listed at the agency's Web site, www.dfsa.ae.