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The Emirates Insurance Association said that the Central Bank is considering establishing an independent company to develop and operate a “know your customer” information sharing system for licensed financial institutions, to be owned by: “Al Etihad Credit Information”, the Emirates Banks Federation, the Emirates Insurance Association, and the Banking and Money Transfer Institutions Group.
The Insurance Association said in a statement that its board of directors discussed the issue of the company at its first meeting with its new formation in Abu Dhabi headed by Khaled Muhammad Al-Badi, in addition to a number of important issues, including the association’s work plan for the current year 2023, cooperation with the UAE Central Bank and other topics related to the electronic linking project. between insurance companies regarding health insurance policies.
The Board of Directors of the Emirates Insurance Association stressed the necessity and importance of strengthening cooperation with the Central Bank on a permanent basis, and advancing cooperation and coordination between them during the next stage, which contributes to raising and enhancing the efficiency and competitiveness of the insurance sector in the country.
According to the statement, the Board of Directors of the Association, in its meeting, reviewed the letter received from Khalid Muhammad Balaami, Governor of the Emirates Central Bank, regarding his invitation to meet with representatives of the Emirates Insurance Association to discuss priority insurance technical issues and topics that contribute to the development of the insurance industry, and the Council decided to form a delegation representing The General Secretariat and representatives of the members of the Board of Directors to prepare, coordinate and attend the meeting scheduled in this regard.
The Board of Directors of the Association also reviewed the correspondence received from the Central Bank regarding the establishment of an independent company to develop and operate an information sharing system (know your customer) for financial institutions licensed by the Central Bank, provided that the company is owned by: Al Etihad Credit Bureau, the Emirates Banks Association, and the Association Emirates Insurance, and the group of banking and financial transfer institutions, and the Council was informed of the nomination of Muhammad Abanda, member of the Board of Directors of the Association, Chairman of the Financial Committee, and Chairman of the specialized technical committee to combat financial crimes, to represent the Association in this regard.
The Board of Directors reviewed the association’s work plan for the current year 2023, received from the insurance companies in light of the circular of the general secretariat of the association in this regard, and decided that the subcommittees be asked to review and update the work plan according to the latest developments and revise it with the aim of selecting priorities for topics and insurance technical issues, and that there be A clear and purposeful strategy for the aforementioned action plan, which contributes to the development of the insurance industry within a time frame, and for the general secretariat of the association to follow up on the implementation of the aforementioned action plan for approval by the Board of Directors.
Discussion of the project of electronic linking of health insurance documents with the “Central”
The Board of Directors of the Emirates Insurance Association discussed within its agenda the issue of uploading health insurance documents electronically, and the implementation of the electronic link project with all insurance companies in this regard, and decided to refer this issue to the Health and Life Insurance Committee in the association to present its views and recommendations in this regard in preparation for its discussion with officials in Emirates Central Bank.
