Written by Dr. Hassan Elhais A few manage to attract you and subsequently, millions of mobile applications are available to offer insurance policies, compare insurance prices and provide you with tailor-made insurance products.
Bearing in mind, the electronic insurances, Insurance Authority along with UAE Government, issued a draft for Electronic Insurance regulations (the Draft Law) in early in this year. The intention behind the issuance of this Law was to govern all insurance policies sold or purchased online within the UAE.
Overview of the Draft Law
Primarily, the Insurance Authority will require all insurance companies operating electronically to obtain approval from the authority by submitting an action plan, risk analysis, and operations plan for 3-year for ensuring the progression of the company.
Companies shall mandatorily have IT Department regulating and managing the insurance website, however, if the company wishes to outsource the work to an IT company, they must obtain a pre-approval from the authority
The principal objective of the Draft Law is to regulate the insurance products sold online along with the registration of all the online sellers. Additionally, any website which compares two different insurance policies is strictly prohibited in under the Draft Law.
The Draft Law additionally proves to be very supportive of clients as it mandates the insurance providers to ensure that the requirement of the client is fulfilled up to his protection needs, relevant due diligence has been performed, the insurance product is correct and proper procedures have been followed.
Importantly, it necessitates the insurance provider to communicate with the client through two other additional means which can be email or message to enhance the security of the customer. It further requires the client to submit original documents to the insurance provider in hard copy, however, the rationale behind such requirement is not yet clear, as the regulation is strictly for electronic insurance.
Critically examining the provisions of the Draft Law, while the regulations are drafted in line with the modern technologies and digital era, there are particular prerequisites which still correspond with the traditional insurance laws.
The only advantage of this Law is to enable the world to experience the insurance sector with most modernized technology and to avoid paperwork. Yet, the Draft Law somehow restrict the companies to work entirely through online technology and limit them in certain areas. Nevertheless, the Draft Law is an incredible chance for UAE insurance Authority to manage and utilize technological advancements in the insurance sector.
Copyright © of this article is retained by the author and/or other copyright owners. We explicitly grant you permission to download a copy, without any alteration, of this article for personal non-commercial research or study, without prior permission or any charge. This article can be utilized on your website or for marketing, however, we grant you permission to host this article on your website and no other rights. This content should not be altered in any way or sold commercially in any format without prior permission of the copyright holder. During reference of this article, full biographic details entailing the name of the author, his designation, the institute and the publishing date of the article shall be provided.
Your email address will not be published. Required fields are marked *
I owe the success of my case to Dr. Hassan's diligent approach. He remained focused, put me at ease and always went the extra mile. Dr. Hassan tirelessly put my case in the best possible light and I cannot thank him enough. I would highly recommend Dr. Hassan - I am grateful to him from the bottom of my heart.
Dr. Hassan Elhais is among the best legal consultants I have ever worked with. He has an amazing ability to reduce complex issues into a simple concept that non-legal people can understand. He consistently develops innovative litigation strategies that help us to achieve our ultimate legal goals.
...the extraordinary effort that has been exerted by the staff, and we specially thank Dr. Hassan Mohsen Alhais. Wishing your continues success & excellence...
I believe everyone should recognize what a difference Dr. Hassan Elhais work has made to people's lives; and especially to our family's life, because we will remain forever grateful to each and every one of his team.
Dr. Hassan Elhais never fears cases that involve exposure and he always gives me his honest assessment of our chances of success, which is invaluable to me.
He aided us not only in providing legal advice but also in all legal issues that required a long term strategic approach to achieve most favorable and optimum outcomes he provided us with high level of professional service.
Dr. Hassan Elhais is a responsible, reputable counsel who operates to high levels of service.
Dr Hassan Elhais is responsive, thorough and creative with his advice, and is a valued advisor and legal consultant.
Regardless of the complexity of the matter I know Dr. Hassan Elhais will consider not only legal strategy but also business practicalities in providing advice and litigation options.
I recommend Dr. Hassan Elhais to anyone who says 'I'm in legal trouble'. I was extremely satisfied with the high standard of his work. He has always been there when I have needed him and I refer all my clients, family and friends to him/his firm.
Dr. Hassan Elhais was very professional and he listened to my needs. He was very prompt, efficient and always kept me informed. Dr. Hassan Elhais's service was excellent and I would definitely recommend him to friends and colleagues.
Contact Me
