Significant matters of the Insurance practice include advising:
- One of the world’s largest insurance groups on health insurance requirements, regulations relating to foreign insurers, licensing and set-up in the UAE, DIFC and Saudi Arabia.
- An insurance business on its set up in the DIFC, UAE and Jordan. This included advising on product liability, public liability, workers compensation, professional indemnity and health insurance requirements.
- An Abu Dhabi based insurer in regard to complex negotiations with a large Swiss insurer, which led to the establishment of a new JV Takaful company/reinsurer in the DIFC. This model has since been used by other foreign companies seeking to gain greater exposure to the UAE market.
- Numerous insurers within the UAE market on ongoing claims and compliance / commercial issues. We act or have acted for a large proportion of insurance companies licensed in the UAE market.
- The UAE health insurance regulator with regard to various rules and regulations and standard form agreements.
- One of North America’s largest financial groups on an assessment of opportunities for set up in the region.
- A large Luxembourg/Lichtenstein based life insurer seeking access to Middle East markets. This included recommending the best business approach, review and amendment of product materials and redrafting of policy wordings.
- A large Singapore based reinsurer on their establishment of a retakaful entity in the DIFC. This was the one of world’s largest retakaful entities and involved a tripartite venture between Singapore, Malaysian and UAE interests.
- A number of Indian based insurers and banks operating in the UAE market and who specialise in financial services to the Non Resident Indian (NRI) market on compliance and regulatory issues.
- A large US and Asian based insurance broker on regional opportunities and eventual establishment in the DIFC.