The Dubai Financial Services Authority (DFSA) has issued a consultation paper which seeks public comment on a number of proposals relating to insurance, specifically direct long-term insurance, credit insurance and group supervision.
The proposals relating to direct long-term insurance provide a capital adequacy framework for DIFC incorporated insurers conducting direct long term insurance business from a branch located outside the DIFC.
Credit insurance related proposals provide for a capital adequacy regime for insurers who wish to write credit insurance. These proposals draw a distinction between credit enhancement insurance (for example covering bonds against default) and more conventional credit insurance business. The proposals only cater to insurers writing credit enhancement business as a small part of their more general credit insurance business, and not for specialist monoline insurers, for whom special provisions would be necessary.
The proposals relating to group supervision are designed to provide for consolidated supervision of groups containing insurers, and are broadly similar to those for consolidated supervision in other areas (to which small adjustments are made).
In addition, the proposals would reduce the underpinning minimum capital for a non-captive insurer established in the DIFC from USD100 million to USD10 million.
Commenting on the proposals, David Knott, Chief Executive of the DFSA said: “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.”
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