An important memorandum of understanding (MOU) between the Insurance Commission of Jordan (IC) and the Dubai Financial Services Authority (DFSA) was signed today in Amman. The MOU was signed by DFSA Chairman, H.E. Dr. Habib Al Mulla, and by the Director General of the IC, H.E. Dr. Bassel Hindawi.
The IC is the independent insurance regulator responsible for regulating and supervising the insurance sector in Jordan.
The DFSA is the independent regulator of all financial services, including insurance within the Dubai International Financial Centre.
The MOU is designed to enhance the relationship between the two authorities in their common roles as insurance supervisors, establishing a formal basis for cooperation, including the exchange of information and investigative assistance. Further the MOU forms a basis for discussing areas of mutual interest and in inviting the other to relevant conferences and training sessions hosted by the DFSA or IC.
Commenting on the signing, Dr Habib said: “We are delighted that DFSA’s relationship with a regional regulator like the Insurance Commission of Jordan has been formalised in this manner.
“Both agencies are committed to promoting regulation and supervision in line with the highest international standards. Our agreement to cooperate and share information will help us to deliver those high standards in dealing with insurance issues that affect both jurisdictions.’’
On his part, Dr. Hindawi underlined the significance of the event noting “we are pleased to sign this MOU with the DFSA which is a recognized regulatory authority operating to the highest international standards. The MOU is a key step towards enhancing cooperation and coordination between the two parties. With the growing integration and linkage of markets, the signing of this MOU between the two authorities reflects the IC and the DFSA commitment to regional regulatory cooperation, and is consistent with the Core Principles established by the International Association for Insurance Supervisors”.
The Dubai Financial Services Authority (DFSA) is an independent, integrated regulatory authority responsible for the regulation of all financial and ancillary services conducted in or from the Centre, including asset management, banking, securities trading, Islamic finance, insurance, and an international financial exchange. The DFSA has been created using principle-based primary legislation modeled closely on that used in London and New York, and the DFSA regulatory regime operates to standards that meet or exceed those applying in the world's major financial centres.
The DFSA is a critical component of the Dubai International Financial Centre (DIFC), a new financial centre established to position Dubai as a recognised hub for institutional finance, and the regional gateway for capital and investment to the Middle East.
Dr Habib Al Mulla was appointed Chairman of the DFSA in June 2004. He is also the Managing Partner of Habib Al Mulla & Company, a leading law firm based in Dubai. Dr Al Mulla has been a Member of the UAE Federal National Council since 2002.
Insurance Commission, Jordan
The IC is the independent insurance regulator responsible for regulating and supervising the insurance sector in Jordan. Established in early 2000, its objectives are to protect the rights of the insured and beneficiaries, ensure a suitable environment for the development of the insurance sector, and enhance the role of the insurance industry in the development of the economy.
Being recognized as a model regulatory authority in the region, the IC strives to promote a regional role for Jordan in the provision of insurance services.
Dr. Bassel Hindawi is the Director General and Vice Chairman of the Board of the Insurance Commission of Jordan. He led a major modernization effort for the insurance sector in Jordan that included the establishment of the Insurance Commission in early 2000. Dr. Hindawi is the president of the International Association of Insurance Fraud Agencies (IAIFA), member of the Executive Committee of the International Association of Insurance Supervisors (IAIS), and Chair of the Regional Coordination Subcommittee of the IAIS and a member of the Board of Directors of the International Insurance Society (IIS).
© 2006 Al Bawaba (www.albawaba.com)
