A strong corporate governance culture is regarded as key to maintaining and growing a sustainable economy. For this reason, corporate governance increasingly attracts the attention of the United Arab Emirates’ (UAE) government, regulators, investors and the general public.
The Central Bank of the UAE’s (CBUAE) highly anticipated corporate governance regulations and standards, issued on 29th September 2022, are one example of the UAE’s corporate governance reforms for insurance companies. These regulations were developed to promote transparency, accountability, and fairness in the insurance sector.
In this insight, we highlight:
- Key regulatory requirements arising from the new CBUAE regulations;
- Challenges which UAE based insurance companies may face when implementing the new regulatory requirements; and
- The support that we can provide to insurance companies with benchmarking and implementation.