Insurance

The BSA Insurance team have authored the UAE Chapter of the Chambers & Partners Insurance Litigation 2021 guide. The guide provides the latest legal information on alternative dispute resolution (ADR),...

The following article was originally published for BSA by IFC Review. The disruption caused by COVID-19 has had a wide-ranging effect on the world economy and the overall economic slowdown...

On 13 June 2021 the UAE Central Bank issued a circular with reference no. CBUAE/BSD/N/2021/3148 (“the Circular”) addressed to all financial institutions operating in the UAE, offering structured conventional life...

The insurance brokerage in the UAE, like the rest of the insurance sector, is regulated by the UAE Insurance Authority. This has merged with the UAE Central Bank, which is...

In association with Premium Insurance Magazine, BSA will be hosting a webinar discussing'Anti-money laundering (AML) regulations and the impact on the insurance industry'. Thiscomes as the UAE Central Bank has...

The English High Court has recently handed down a judgement in a test case related to “Business Interruption” insurance in the context of the COVID19 pandemic, which provides an interesting...

Regulatory and Advisory partners of the 9th Annual World Takaful Conference (WTC 2014) Hosted by Mega Events at the Dusit Thani Dubai on 14 and 15 April 2015 The Industry...

Regulatory and Advisory Partners at the 4th Annual Middle East & Africa Insurance Summit Hosted by Fleming Gulf at the Dusit Thani on 20 & 21 January 2014 CEO panel:...

Rima Mrad and Nadim Bardawil of BSA discuss the main factors contributing to the growth of the Middle Eastern (re)insurance market. The insurance and reinsurance industry in the Middle East...

The practice of retaining a percentage of the risk and local or legal cession is done in order to develop the local market to become fair and competitive. In contrast...

Islamic Finance has seen unprecedented growth in recent years and the pace of this growth is accelerating. This is evidenced not only by the size of the Islamic finance market,...

This new book aims to provide foreign insurers and intermediaries looking to enter the market with practical, up-to-date guidance on setting up in the region. The countries featured in the...

The international nature of recent developments presents challenges not only to regulators, but also to legal systems. This first edition of Insurance & Reinsurance Law & Regulation is an essential...

Lloyd’s plans to set up DIFC is a great boost to the market. However, there may be difficulties that need to be ironed out first, say Michael Kortbawi and Irshied...

Bancassurance allows banks to sell insurance policies of insurers they have partnered with and is one of the many means of alternative distribution methods adopted by GCC insurance companies. Although...

Michael Kortbawi, Partner and Maamoon Ashraf, Associate at BSA Ahmad Bin Hezeem & Associates LLP (former Bin Shabib & Associates LLP) discuss Qatar's new Central Bank Law and elaborate on...

The insurance landscape in the MENA region has changed rapidly over the past five years, presenting challenges and opportunities for the various players. Mr Irshied Tayeb and Ms Liz Zamorski...

Rima Mrad, a Partner at Dubai-based law firm BSA Ahmad Bin Hezeem & Associates LLP (former Bin Shabib & Associates), has stated these new requirements should be a positive step...

Moderator at Mena Insurance Live, a leading insurance conference and networking event. Hosted by MENAIR on 15 January 2014, The Address Downtown Dubai Discussion Leader: Irshied Tayeb Regulation Overview panel...

Speakerat theEmirates Insurance Authority Seminar. Hosted byThe Emirates Insurance Association in conjuction with Clyde & Coat Al Bustan Rotana Hotel on 26 March 2014. Topic: The Direction of Insurance Regulation...

Panellist at the MENA IR Breakfast Briefing Hosted by at Jumeirah Emirates Towers on 24 September 2014 Speaker: Irshied Tayeb Could third-party capital transform the reinsurance market? Alternative risk transfer...

Regulatory and Advisory Partners at the 5th Annual Middle East & Africa Insurance Summit Hosted by Fleming Gulf on 19 - 20 January 2015 at Habtoor Grand Resort & Spa...

Malpractice claims can prove to be a financially risky proposition. Michael Kortbawi and Barry Greenberg compare the professional liability landscape in the US and the UAE. The necessity of obtaining...

A panel discussion on regulation took an interesting turn at the fifth annual Middle East and Africa Summit that was held in Dubai recently - a premium report. Regulations -...

Non-fire retardant cladding poses an enormous risk for high-rises in the UAE, write Barry Greenberg and Michael Kortbawi from BSA Ahmad Bin Hezeem & Associates LLP The recent fire at...

The recently issued Insurance Authority Prudential Regulations, 25 and 26 of 2014 (collectively the"Regulations"), have been a long awaited and much discussed development in the basic methodology underlying the manner...

Regulatory and Advisory partners of the 10th Annual World Takaful Conference (WTC 2015) Hosted by Mega Events at the Dusit Thani Dubai on 14 and 15 April 2015 CEO Power...

Recent moves in the UAE and Oman mean an increasingly regulated Islamic Insurance sector throughout the GCC region. Barry Greenberg and Raghad Hammad of BSA examine these changes and their...

Delegate at the Insurance Leaders Forum 2015. Hosted by informa on 12 – 14 May 2015 at the address Hotel Dubai Mall. Topic: Shaping The Future Of Insurance In The...

The job of an Insurance Regulator is not easy. The Regulator is called upon to make determinations that from time to time, will adversely affect the interests of a group...

The UAE Federal Insurance Authority (IA) has recently issued its new Resolution 7 of 2015, amending Resolution 9 of 2011 (issued by the Board of Directors of the Insurance Authority),...

Speaker at the Speaking Event organised by Insurance Business Group (IBG) under the auspices of Dubai Chamber of Commerce & Industry. Hosted at the Movenpick Hotel, Bur Dubai, Dubai on...

What happens when strict regulation is imposed onto a market that had until that time been barely regulated? Think of Wyatt Earp and his brothers riding into Tombstone, Arizona in...

Speaker at the Islamic Insurer’s Association of London (IIAL). Hosted by IIAL in partnership with Dubai International Financial Centre (DIFC),held atDIFC, on 8th November 2015 hop over to this website....

The New Year arrived in Dubai, UAE, with more than the usual amount of spectacular fireworks this year, as anyone of the hundreds of thousands of people who gathered around...

As the UAE continues its ascent towards fully digitising all government services, significant progress has been made in the healthcare sector. From a regulatory standpoint, it is interesting therefore to...

The Dubai Financial Services Authority (DFSA), which regulates all Financial Services within the Dubai International Financial Center (DIFC), in November, 2015, issued its Consultation Paper No. 103 (CP103), proposing changes...

The annual MENAIR Insurance Awards recognise and reward those Mena based insurers, reinsurers and brokers that have demonstrated exceptional customer service and innovative product development over the past 12 months....

In an attempt to address recent criticisms targeted at its complex and time-consuming registration procedures and in order to attract significant foreign investments, perceived as a means of counterbalancing a...

Speaker at the 25th D&O Liability Insurance Conference. Hosted by C5, at Grange Tower Bridge Hotel, London, UK on 8 – 9 March 2016. Topic: The Impact of International Sanctions...

The lifting of sanctions in Iran could give a major boost to what is already Mena’s dominant Takaful market - but a lack of transparency and fragmentation in the global...

The first half of 2016 has justified what many analysts have forecasted in regards to the shipping insurance sector in the Gulf Region – that it will maintain the trends...

Speaker at Insurance event organised by Reynolds Porter Chamberlain (RPC). Held in London on 1 June 2016. Topic: Insurance in Iran Speaker: Michael Kortbawi, Partner The topics of discussion were:...

The Middle East is weathering the tumult of low oil prices. Slowly rising oil prices have restored a degree of calm. Some vital sectors such as construction see an uptake,...

On Wednesday, 20 July 2016 saw the Sulafa Tower in the Dubai Marina, a 78-storey high-rise residential building, suffer extensive fire damage as a result of the spread of a...

As a market participant, it is crucial to effectively communicate with the regulator to avoid pitfalls that arise out of misunderstandings with regard to expectations and applicable standards, explains Barry...

Increased insurance cost due to fires in towers means high prices for flat owners. Dubai: Billions of dirhams in losses from a spate of spectacular skyscraper fires in Dubai and...

Click here to view the article in full PDF Click here to view full article online Published: May 2017 Publication: Executive-woman Magazine Title: Exclusive interview with Rima Mrad Practice: CommercialCorporate...

Click here to view PDF Published: November 2017 Publication: Premium Magazine Title: Run-Off: Why it Matters Authors: Michael Kortbawi

Michael Kortbawi and Raghad Hammad contribute to the UAE Chapter of The Legal 500: 2nd Edition Insurance & Reinsurance Comparative Guide. This country-specific Q&A gives apragmatic overview of the law...

The Middle East currently places much of its capacity through the global reinsurance markets, where much of the risk is ceded out to these markets, according to Mr Simon Isgar,...

While the overall economic slowdown and disruption in the market has had some impact on the insurance sector as well, the UAE insurance market still seems to be going strong....

Promotions Arsalan Tariq has been named Partner at BSA Al Rashdi & Al Barwani Advocates and legal consultants. Practicing since 2009, Arsalan specializes in Islamic and conventional finance, bilateral and...

Expo 2020 will be hosted in Dubai at the end of the year for 173 days, which brings much excitement and potential world trade and business opportunities to the region....

The Capital Markets Authority (CMA) in Oman, the financial regulator, has released the new mandated medical insurance Law, Unified Health Insurance Policy and the Health Insurance Rules under Decision No.78/2019...

Insurance Financial Reporting Standards (IFRS) 17 represent a new and unprecedented international reporting and disclosure regime for the insurance industry [1]. IFRS 17 takes effect in January 2021 [2]. There...

The recent emergence and rapid spread of the COVID-19 novel coronavirus has resulted in unprecedented disruptions to virtually all aspects of global and locally based commerce, as well as almost...

The COVID-19 pandemic presents opportunities for the tele health/medicine sector to expand the concept of remote healthcare services through technology platforms in the Middle East and beyond. Recently, the United...

Risks and Trends for 2020 - Authored byMartin Kreuzer, Risk Manager Cyber Risks, Munich Re A Legal & Regulatory Perspective from the Middle East - Authored by Simon Isgar, Partner...

The UAE Insurance Authority issued Board of Directors’ Resolution No. (14) of 2020 on the Amendment of Some Provisions of the Insurance Authority Board of Directors’ Resolution No. (15) of...

The United Arab Emirates (UAE) Insurance Authority recently published the Insurance Authority Board of Directors’ Resolution No. 18 of 2020 on Electronic Insurance Regulations dated 27 April 2020 (“the Regulation”)....

Regulatory Changes for Insurance Disputes in the United Arab Emirates and the existing Insurance Dispute Committee in the Kingdom of Saudi Arabia BSA are often instructed by the London market...

BSA Ahmad Bin Hezeem & Associates LLP (“BSA”) are pleased to support the recent exciting merger of the United Arab Emirates Insurance Authority & Securities & Commodities Authority into one...

Potential Compensation Sources The tragic and catastrophic explosion that occurred in Beirut, beyond the immediate health and safety concerns, raises important and potentially time-sensitive considerations involving obtaining compensation for property...

Two weeks ago, more than 2,000,000 people living in the City of Beirut survived the impact of one of the biggest explosions in the history of mankind. The devastating explosion...

The laws around consumer protection in the UAE are continuously evolving and on 25 November 2020, the UAE Central Bank issued the Circular No 8 of 2020, Consumer Protection Regulations...

Health Insurance is by far the largest line of risk along side motor insurance in the United Arab Emirates. Both lines of insurance are mandatory, save that health insurance is...

Fair Competition vs Aggressive Competition in Motor Insurance BSA are speaking at the 3rd Annual Motor Conference, hosted by the Emirates Insurance Association, on Wednesday 29 September 2021. Join us...

The following article was originally published for BSA in the Oath Magazineand can be downloaded here:UAE Health Data Law. Healthcare data, and information, and its development in terms of how...

As population and legislative change drives GCC insurance market growth, Michael Kortbawi and Amira Janine El Masry of Bin Shabib & Associates look at the current regulatory position. What is...

  Iran Sanctions Agreement The 14th July announcement that the Islamic Republic of Iran and the E3 + 3 nations (the United States, Great Britain, France, Germany, Russia and China,...

During the last couple of years, several towers in Dubai have burst into flames. Tamweel Tower in Jumeirah Lakes Towers in November 2012, The Torch in Marina in February 2015,...

Click here to view the Press Release in PDF. Published: August 2017 Title: Insurance Changes on the Way in the UAE Author: Raghad Hammad

Click here to view the article online. Published: November 2017 Source: Arab news Title: Insurance hike expected for Dubai high-rises after fires Authors: Michael Kortbawi

  It is crucial for businesses to start the preparation process early, as an understanding of the potential impact of VAT on the business will reduce friction in the ongoing...

We are happy to announce the collaboration between BSA and International Comparative Legal Guides (ICLG) on the ICLG Insurance & Reinsurance Legal Guide for the year 2018. Michael Kortbawi, Partner...

This Chapter is the cornerstone for claims for professional negligence in the United Arab Emirates (UAE). Gross negligence is not defined in the UAE Civil Code; however, the wording of...

Brexit was a decision that shook the financial world. On June 23rd 2016, a sliver of a majority voted for the United Kingdom to exit the European Union (EU). The...

Resolution No 34/2019 - For the Issue of Unified Healthcare Insurance Policy Form Introduction The Health insurance market embraces itself for another mandated health insurance law in the Sultanate of...

Having been appointed by the UAE Insurance Authority to assist in redrafting the UAE insurance law, Irshied Tayeb, head of insurance, Rima Mrad, partner, and Michael Kortbawi, partner at BSA...

Current practices in the reinsurance industry of the UAE impede its growth and development. BSA Ahmad Bin Hezeem & Associates LLP (Former Bin Shabib & Associates) recommends measures that need...

Michael Kortbawi and Irshied Tayeb of BSA Ahmad Bin Hezeem & Associates LLP (Former Bin Shabib & Associates) discuss the new mandatory healthcare scheme in Dubai. Health insurance is a...

Proposed regulatory changes penciled to be introduced within the next two to three years are expected to boost consolidation among GCC insurance companies, local bankers, attorneys, and industry sources told...

Michael Kortbawi, Partner - Insurance and Reinsurance discusses why insurers in the regions should invest in sectors with which they are best acquainted. To read full article CLICK HERE and...

You know how you sometimes feel bad enough to not go to work but know that you just have avirus that your body will work through so don’t make the...

Click here to view the PDF. Published: August 2017 Publication: inhouselawyer.co.uk Title: Country Comparative Legal Guides UAE: Insurance & Reinsurance Authors: Michael Kortbawi andRaghad Hammad

by Raghad Hammad and NourGemayel Published on May 20th, 2018, Decision No. (12) of 2018 issued by the United Arab Emirates (“UAE”) Insurance Authority regulates the licensing and registration of...

BSA Ahmad Bin Hezeem & Associates LLP, one of the region’s leading law firms, has announced the appointment ofSimon Isgaras Head of Insurance. A qualified barrister, Simon previously headed up...

The new insurance law has made it easier for insurers to issue policies in a foreign language, thus expanding their business opportunities, but there are downsides when it comes to...

The end of 2013 witnessed the announcement of a groundbreaking decree by Sheikh Mohammed bin Rashid Al Maktoum, the ruler of Dubai, regarding the creation of the Dubai Islamic Economy...

Click here to view this Press Release in PDF. Published: July-August 2017 Publication: MENA News Title: UAE: New insurance regulations on the drawing board Author: Raghad Hammad

The United Arab Emirates (UAE) Insurance Authority (IA) has confirmed that capitation schemes related to the health insurance business in the UAE are unlawful and all IA, authorized and licensed...

Click here to view in Arabic. Click here to view in English. Click here to view the Asian Insurance Directory online. Click here to view the Middle East Insurance Review...

Click here to view the article online. Published: June 2017 Publication: Whatson Title: Is it legal for companies in Dubai to send me spam text messages? Authors: Nadim Bardawil

On 14 November 2016, the UAE Insurance Authority (“the Authority”) issued Circular No. 33 of 2016 as the first draft of the Regulations for Life Insurance and Family Takaful Business...

New UAE Funds Regulation and its Effect on Insurers In June 2016, the UAE Securities and Commodities Authority (the “Authority”) issued Authority Chairman Resolution No. (9/R.M) of 2016 Concerning the...

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The UAE’s commitment to sharing financial data on individuals and entities under Common Reporting Standards (CSR) has been furthered reinforced by the Insurance Authority Board of Directors Decision No. 32...

The UAE Insurance Authority (‘IA’) has now promulgated and issued the ‘Cabinet Resolution No 7 of 2019 Concerning the Administrative Fines Imposed by the Insurance Authority’ (‘the Resolution’), which was...

UAE Insurance Authority & Securities & Commodities Authority Merge BSA Ahmad Bin Hezeem & Associates LLP (“BSA”) are pleased to support the recent exciting merger of the United Arab Emirates...

Federal Law No.2 of 2019 - Using IT and Telecommunications in the Healthcare Sector Further to our recent Regulatory Alert “UAE Legal Update - Regulatory Alert Healthcare Federal Law No.2...

UNITED ARAB EMIRATES Authors: Michael Kortbawi and Adam Tighe I INTRODUCTION i. Legal framework Article 383 of Federal Law No. 5 of 1985 on the Civil Transactions Law of the...

Effective as at 1st October 2018, the Insurance Distribution Directive ((EU) 2016/97) (IDD) [1], (Insurance Distribution Directive (IDD)) and its statutory provisions will apply to all EU distributors of insurance...

Following his latest appointment at BSA Ahmad Bin Hezeem & Associates LLP, one of the region’s leading law firms, Al Morkeb Magazine had the chance to interviewSimon Isgar, the new...

Introduction Insurance distribution in the Middle East has traditionally been procured through the insurance intermediary markets, such as brokers and insurance agents despite the fast-growing alternative distribution channels available to...

The United Arab Emirates’ life insurance market is set for radical change in 2020 with the implementation of the “New Life Insurance and Family Takaful Regulations” [1]. The United Arab...

UAE Insurance Authority Merger with Central BankThe UAE government released the following two federal decrees during the course of 2020, which operated to merge the (former) UAE Insurance Authority with...

2021 was an exciting year for the UAE: the market continued to see positive progress, the Dubai EXPO hosted visitors in their millions and the country topped the global ranking...

BSA Law Firm and United Insurance Brokers (UIB) are pleased to invite you to a panel discussion looking at how the insurance industry can remove risks and increase returns in...

On Thursday May 26th, BSA Ahmad Bin Hezeem & Associates (BSA), in partnership with United Insurance Brokers (UIB), hosted a workshop on ‘Mitigating Risks and Increasing Returns in M&A: How...

On the 27th of June 2022, Dr. Abdulrahman Abdul Manan Al Awar, Minister of Human Resources and Emiratization issued Ministerial Decision No. 318/2022 concerning Bank Guarantees and Employee Protection Insurance...

The following article was originally written for and published in Middle East Insurance Review. IntroductionInsurance distribution in the Middle East has traditionally been procured through the insurance intermediary markets, such as...

The United Arab Emirates’ new unemployment insurance scheme came into force last week, offering a safety net for expatriate residents and citizens who find themselves out of work. Originally announced...

In the following Chambers & Partners Law and Practice Insurance Litigation article, Simon Isgar, Adam Tighe and Amany Ahmed discuss a range of topics including; rules governing insurer disputes and...

Regulatory Alert: Escrow Accounts Mandated for Insurance Agents & Brokers, & TPAs, UAE  The United Arab Emirates Central Bank (CBUAE) have issued Notice No. CBUAE/BSD/2022/4708, dated 22 November 2022 in respect of “Activating...

The UAE unemployment insurance scheme recently came into effect, as such Simon Isgar provided an in-depth look at the scheme for Premium Magazine.The United Arab Emirates’ new unemployment insurance scheme...

In this article, we explore some of the opportunities that the metaverse presents for the delivery of healthcare to patients. As the underlying technology develops, the way that patient data...

Healthcare is one of the most important service sectors in the UAE. In this article, we look at the growing medical tourism industry in the country and across the region....

In this article, we will explore the potential for Value Based Contracting (VBC) in healthcare in the United Arab Emirates and how it can help improve outcomes for patients.Value based...