The Capital Market Authority has concluded a memorandum of understanding with the Insurance Authority of the United Arab Emirates in Abu Dhabi On Monday June 24^th 2013 for mutual cooperation between the two organizations to develop the regulatory and supervisory roles of the insurance sector in view of the increased global insurance activity and the need for mutual cooperation and exchange of expertise between the supervisors for better compliance with insurance laws and enforcement  in the two counties.

HE Sheikh Abdullah Salim Al Salmi, Executive President of Capital Market Authority  singed for CMA and HE Ibrahim Obeid Al Zuabi, Acting General Manager singed for the Insurance Authority of UAE in the presence of Ahmed Al  Maamari, Director of Technical and Financial Regulation and Sayyidah Shaimaa Hilal Al Busaidy, Director of International Cooperation and  Liaison.

The MOU provides for provision of information, exchange of expertise which would facilitate performance of the functions under the laws and regulations of the two countries. The move comes as part of the efforts of the two authorities to maintain the efficiency and fairness of insurance market, upgrade the insurance industry and protect policyholders through cooperation framework and to improve mutual understanding to the extent allowed by the laws and regulations in the two countries and to enforce the laws and regulations and requirements relevant to insurance business as the two authorities intend to consult on the appropriate approaches to enhance the integrity of insurance market in line with the global developments in the industry.