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Member, Beacon International Group, Ltd.
U.A.E.’s Insurance Authority has granted a one-year exemption from rating requirements to reinsurance providers to ease the pressure on capacity, as they deal with the COVID-19 pandemic-related challenges, Middle East Reinsurance Review reported. Effective from this month, insurers writing reinsurance business in the U.A.E., managing general agents and reinsurance and insurance pools are exempted from IA’s rating requirements for a year.