SCA cooperates with the IA to improve the financial services and develop the capital market and the insurance sector
Dr. Obaid Saif Al Zaabi: the MoU aims to enhance governance practices in the insurance sector and to regulate mutual fund activities.
Ebrahim Al Zaabi: the IA seeks to develop capital markets and to raise the efficiency of insurance companies.
The Securities and Commodities Authority (SCA) entered into an MoU with the Insurance Authority (IA) to promote bilateral cooperation. The MoU was signed by H.E. Dr. Obaid Saif Al Zaabi, CEO of SCA, and H.E. Ebrahim Obaid Al Zaabi, Director General of the IA.
The MoU aims to promote cooperation between the two parties, thus improving the financial services provided and developing the capital market and the insurance sector.
The two parties agreed, under the MoU, to cooperate in matters related to licensing and supervising insurance companies. They also agreed to exchange regulatory and supervisory information—including the draft regulations and resolutions that either party intends to issue—that may impact the regulatory and supervisory requirements of companies and entities falling under the supervision of either party.
The MoU also provides for the exchange of information concerning the insurance companies' governance and financial reports.
Dr. Obaid Al Zaabi said that signing this MoU comes as part of SCA's relentless efforts to forge partnerships with the relevant authorities to enhance market performance and maintain the rights of investors, thus strengthening cooperation between the two sides.
Dr. Obaid Al Zaabi explained that the MoU will have positive implications for the securities and insurance sectors and capital markets, especially when it comes to the implementation of governance rules and institutional discipline standards in companies falling under the IA's supervision. The MoU was signed to increase cooperation on training programs and to organize conferences, seminars, workshops, and education and awareness programs.
Dr. Obaid Al Zaabi said that coordinating efforts and launching initiatives targeting investors, market participants, public companies, brokers, and financial services companies are aimed at making the best use of the strengths of each party.
For his part, Ebrahim Al Zaabi expressed his pleasure at having signed this MoU to strengthen cooperation between the two sides, improve the financial services provided, and develop the insurance sector and the capital market. He stressed the importance of cooperating with supervisory authorities to improve the performance of public and insurance companies and to enhance their competitiveness.
Ebrahim Al Zaabi explained that the IA seeks to enhance the competitiveness of the insurance market, thus improving capital markets, raising the efficiency of insurance companies, and offering customers better services. He reiterated the IA's commitment to provide competitive and sophisticated services to its customers, thus fulfilling its vision to regulate and develop the insurance industry, achieve its strategic objectives, and raise the competitiveness of the insurance market.