12 months for insurance companies to regularise operations

The UAE has given insurance companies in the country one more year to regularise their operations in accordance with insurance sector guidelines. The requirements for the insurance sector forbid life insurers from combining other business activities, such as fund management, with other insurance-linked activities such as property and liability insurance. Authorities say the decision to extend the time frame came as part of the UAE leadership’s approach to support national companies and improve their performance. The starting date for the grace period is from August 28, 2015.