In two separate developments this week, the Dubai Financial Services Authority (DFSA) has accepted a major insurance sector appointment and received a prestigious industry award.
The DFSA has been appointed to membership of the Technical Committee of the International Association of Insurance Supervisors (IAIS). The IAIS is the peak international standard setting and representative organisation of insurance regulators and supervisors, with more than 180 member jurisdictions.
The Technical Committee of IAIS is responsible for key strategic, policy and standard setting functions of the organisation. Its membership includes representatives from the world’s major insurance markets.
Earlier this week, the DFSA was presented with the “Regulator Initiative of the Year” award by Policy Middle East Insurance. The awards recognise excellence in the region’s insurance industry as judged by an independent expert panel, following receipt of nominations from the insurance sector and other interested parties.
The awards are open to all registered companies within the GCC, Jordan, Egypt, Lebanon, Yemen, Syria and Iran. DFSA was awarded in recognition of its contribution to insurance policy and reforms.
Mr. David Knott, Chief Executive of DFSA, said: “These separate acknowledgements of DFSA’s contribution to the insurance sector are most appreciated and reflect the importance we place on high standards of policy and supervision.
“Membership of the Technical Committee of IAIS is a prestigious position that will enable the DFSA to influence the future global direction of insurance sector regulation and supervision. This is the first time that a UAE based regulator has been honoured by such an appointment.”
Mr. Knott added: “To have also received a highly valued industry award from within the Middle East region is a vote of confidence in our policy direction and leadership. I congratulate the staff of the DFSA whose work has led to these results.”
The Dubai Financial Services Authority (DFSA) is a central 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.
The 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, re-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.
Mr. David Knott was appointed Chief Executive of the DFSA on May 21, 2005. He is a former Chairman of the Australian Securities and Investment Commission and was Chairman of the Technical Committee of the International Organisation of Securities Commissions (IOSCO).
