Through its extensive knowledge of the regional regulatory environment, BSA has been involved in providing incorporation solutions to, and advising on, market entry for international insurance companies in various jurisdictions including Bahrain, Qatar, Oman, Jordan, Beirut, Kuwait and the Kingdom of Saudi Arabia.
The department is uniquely headed by an insurance expert, who has wide-ranging experience and is renowned in the insurance industry. Such human capital provides us with the ability to create innovative solutions tailor made to the insurance industry and our clients’ unique requirements and needs.
We offer a unique service on speciality lines of insurance including event cancellation, offering expert advice for complex claims handling, regulatory and legal advice for underwriters (including Lloyds of London syndicates).
Our diversified client portfolio covers both conventional and Islamic insurance, with the essential ability and resources to advise, develop, structure and document Shari’a compliant Takaful and Re-Takaful products. BSA’s insurance and reinsurance services include, but are not limited to the following:
- Regulatory including prudential and corporate governance;
- Market entry including M&A licensing and penetration strategy;
- Arbitration and litigation for treaty or facultative arrangement;
- Motor Claims Litigation;
- New Market Insurance Exploratory;
- New Market Insurance Licensing;
- Life Insurance Litigation and Arbitration;
- Marine Insurance Litigation and Arbitration;
- General Insurance Litigation and Arbitration;
- Legal and Regulatory Advice for Life Insurance;
- Legal and Regulatory Advice for Marine Insurance (including marine and non marine classes); and
- Legal and Regulatory Advice for General Insurance.
BSA has the unique advantage of having direct and personal contacts with local regulators throughout the MENA region. We have advised regulators and national governments in the Middle East on legislative developments for the insurance sector and have assisted legislative bodies in drafting insurance laws. Our network of contacts includes the following regulators:
- The Insurance Authority in the UAE
- The DFSA in the DIFC: BSA has extensive hands on experience in the DFSA insurance regulations; the DFSA Prudential – Insurance Business Module (PIN); and the DFSA Prudential- Investment, Insurance Intermediation and Banking Business Module (PIB)
- The Central Bank of Bahrain
- The Qatar Financial Centre Regulatory Authority in the QFC
- The Insurance Commission in Jordan
- The Saudi Arabian Monetary Authority
- The Bermuda Monetary Authority
- The Financial Services Authority in the United Kingdom
- The Central Bank and Financial Services Authority of Ireland
- The National Association of Insurance Commissioners in the United States.
BSA’s clients range from multinational corporations to local companies, all profiting from the firm’s adaptive and innovative legal services. BSA’s client-centered approach ensures the continuous expansion of the firm’s knowledge base and enhances the quality of our legal advice.
- Advising on the incorporation of Reinsurance Group of America RGA, one of the largest global reinsurers, in the DIFC.
- Advising on the incorporation of Clements Worldwide, a leading US provider of insurance solutions for expatriates and international companies, in the DIFC and advised on the regulatory and licensing requirements connected with establishing such a presence.
- Advising a private equity firm on the incorporation of a start-up re-insurance company in the DIFC.
- Advising an international ERM provider, whose clients include Munich Re, Generali and Swiss Re, in structuring a business model to access the MENA region insurance market.
- Advising insurance and re-insurance companies on multi-million dollar disputes arising out of treaty reinsurance agreement.
- Advising a FTSE 100 re-insurance company in connection with a multi-million dollar dispute involving a UAE based insurance company stemming from the Egyptian uprising in early 2011.
- Advising Zurich International in the implementation of its Fire, Public Liability, Deterioration of Stock, Property All Risk, Burglary, Workmen’s Compensation, Employers Liability insurance policies in the Kingdom of Bahrain.
- Advising on a multi-million dollar acquisition by a large investment bank of an insurance entity in the MENA region.
- Advising a local holding company in establishing a risk management strategy including the utilisation of captive PCC and securitization.
- Advising a regional re-insurance broker in re-engineering their business model to reflect new local and international regulatory requirements, including those of Lloyd’s of London.
- Advising an insurance authority in the region on the reformation of regulatory framework including the introduction of new legislation for both corporate governance and prudential regulation.
- Advising on comprehensive legal and regulatory advice to ACE Tempest Life Re regarding its operations in the UAE and the Middle East.
- Advising several local and international insurance companies on unit-linked insurance products tailored for the MENA region.
- Advising Emarat Takaful on regulatory and legal approaches related to carrying out activities in the UAE.
- Advising Flagstone RE, in the DIFC allowing it to establish a regional office in the MENA region helping them diversify their portfolio into a specialty line business.
- Advising a regional management office for Tokyo Marine, a Japanese insurance conglomerate, in the DIFC to support their business in the MENA region.
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