The Ministry of Economy and Commerce in the United Arab Emirates has issued a new directive requiring the insurance sector to ensure "full transparency", according to a Gulf News report.
The directive, set to come into force on November 5, will oblige providers of insurance products to clear them with the Ministry before offering them in the marketplace. The UAE authorities will also have the right to veto any advertising related to the provision of insurance products, under the new legislation.
Speaking to the regional news service, an unnamed senior official with a Dubai-based insurance firm observed that:
"With this one stroke, the authorities have made it more difficult for certain foreign companies to sell their investment offers in this market without getting the necessary official clearance. This was a main issue that was affecting the credibility of the insurance sector as a whole. For a long time, too many overseas operators have been having a field run selling products into the market without offering full transparency on terms and conditions."
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