The first Law Update of 2024 is here, and our first focus of the year spotlights Healthcare and Lifesciences, a sector that is undergoing significant growth and development across the MENA region.
Our focus provides an insight into some of the most important regulatory updates across the region, such as the UAE’s groundbreaking law on the use of human genome, Kuwait’s resolution on nuclear and radioactive materials, the new regulations for healthcare services in Qatar, Egypt’s healthcare regulatory framework, and the impact of the Saudi Civil Transactions Law on the healthcare and life sciences sector … and there is so much more!
Beyond the healthcare pages our lawyers share with you multi-sector insights where you will discover articles on Dubai’s DIFC regulatory framework for startups, Bahrain’s commercial agencies law, and we also shed light on Kuwaiti civil code and the advantages of setting up a joint stock company in Saudi Arabia.Read the full edition
In a significant regulatory update, the United Arab Emirates has introduced Federal Law No. 48 of 2023 (the “Insurance Law 2023”), repealing Federal Law No. 6 of 2007 (as amended) (the “Insurance Law of 2007”). This new legislation, published on 31 October 2023, and effective from 30 November 2023, introduces several significant changes, primarily in the area of insurance dispute resolution. while maintaining some elements from the Insurance Law of 2007.
Issuing decision in respect of insurance claims:
Dispute Resolution Authority:
Revised Appeal Procedures:
Execution and Enforcement of Decisions:
Role of the Central Bank of the UAE (CBUAE) (Article 104):
The Insurance Law of 2023 stipulates that a resolution will be issued by the Board of Directors of CBUAE. This resolution will define the terms of reference, powers, operational system, and fees for the committees to be established within BIRDU ( the “BIDRU’s Committees”), along with decisions on its formation. The anticipated BIDRU’s Committees, to be chaired by a judge and comprising another judge and experts appointed by the CBUAE, are expected to bring a balanced and expert-driven approach to insurance dispute resolutions. More details about this are expected to be covered once the resolution is issued, which will further clarify the mechanism, the procedures and the steps to be followed before the BIDRU’s Committees.
Our priority remains to keep you well-informed and supported in terms of the implementation of the Insurance Law of 2023. Our dedicated team is equipped to offer specialized guidance and assistance, helping you navigate the changes brought by the Insurance Law of 2023, ensuring a smooth transition to the new law, and helping you to understand the new mechanism surrounding insurance disputes.
If you need more detailed information or wish to understand how these changes might affect your insurance operations, please do not hesitate to contact us. We are here to provide the support and expertise you need.