The Dubai Financial Services Authority is proposing to overhaul the current regime for regulating insurance for the first time since 2003.

The regime covers the activities of effecting contracts of insurance; giving advice about, or arranging, contracts of insurance, i.e. insurance intermediation); underwriting and managing claims as an agent of an insurer (insurance management); and giving advice about, or arranging, long-term contracts of insurance(regulated as investment business).

The proposals in the freshly-released consultation paper (CP 103) are of interest to insurance carriers; insurance intermediaries; insurance managers; foreign insurers conducting insurance activities in or from the Dubai International Financial Centre (which the DFSA regulates) through insurance intermediaries and insurance managers; applicants for licences to do with insurance; people undertaking or proposing to undertake insurance intermediation activities relating to Long-Term Insurance; self-regulatory agencies of insurers and insurance intermediaries; and other industry participants, including high-net-worth consumers.