Abu Dhabi Free Zone Signs MoU With Insurance Authority
by Lorys Charalambous, Lowtax.net, Cyprus
27 November, 2015
The Financial Services Regulatory Authority of the Abu Dhabi Global Market (ADGM), a free zone in the United Arab Emirates (UAE), announced on November 23, 2015, that it has signed a Memorandum of Understanding (MoU) with the UAE's Insurance Authority (IA).
Under the MoU, the two sides have agreed to enhance cooperation in areas including supervision of the insurance business and the exchange of relevant regulatory information and on oversight.
They will share experiences in the area of insurance supervision, control and inspection techniques, setting up discussion groups, organizing and participating in joint inspection tasks in accordance with the law, and participation in industry conferences and training.
Richard Teng, the CEO of ADGM, said: "This MOU reinforces the commitment of the IA and ADGM in collaborating closely to regulate and supervise the reinsurance industry in our marketplace. By leveraging our regulatory expertise and strengths, we can jointly promote our common objective in providing and maintaining the highest standards and practice of insurance-related services in Abu Dhabi and beyond."
ADGM offers firms a number of benefits, including exemption from taxes guaranteed for 50 years and relaxed rules on the repatriation of profits. The zone permits 100 percent foreign ownership.
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