Author(s): Michael Kortbawi, Rima Mrad, Irshied Tayeb, Nadim Bardawil and Mamoon Ashraf - Bin Shabib & Associates (BSA) LLP
Publication date: Aug 2013
In recent years the Middle East and North Africa (MENA) region has seen the emergence of new insurance regulations and the creation of independent insurance governing bodies and regulators. While the region has traditionally suffered from a saturation of insurance companies, due to low minimum capital requirements and lax regulation, recent developments have revolutionised the insurance market over the past decade. Moreover, socio-economic growth in the region and increasing awareness of insurance among the population have prompted foreign insurers to take an increasing interest in the market.
This book aims to provide foreign insurers and intermediaries looking to enter the market with practical, up-to-date guidance on setting up in the region. The countries featured in the book are Bahrain, Egypt, Iraq, Jordan, Kuwait, Lebanon, Morocco, Oman, Qatar, Saudi Arabia, Syria, Tunisia and the United Arab Emirates. For each jurisdiction, the book provides an overview of the regulatory framework and background, the licensing requirements for insurers, reinsurers, intermediaries and takaful providers, and on-the-ground knowledge of local culture and practices that would give any business looking to enter the market a unique advantage over competitors.
With a unique insight into the challenges of conducting insurance business in the region from both a business and a regulatory perspective, this book is essential for heads of insurers looking to expand their business. In-house and private practice lawyers practising in the region will also benefit from using this book as an invaluable tool which introduces the legal framework in each jurisdiction and the most significant regulatory requirements when advising on compliance in the region.
Featuring concise and practical advice on various jurisdictions in one of the world’s largest growing markets, this book serves as an essential guide for insurance professionals with an interest in the region.