13 February 2007 — DFSA Welcomes Leading Insurance Regulators to Dubai

Mr David Knott, Chief Executive of the DFSA today met with leading figures from the International Association of Insurance Supervisors (IAIS) to discuss industry developments and progress.

In his meeting with Yoshihiro Kawai, IAIS Secretary General and Michel Flamée, IAIS Acting Chair Executive Committee, Mr Knott extended his welcome to the 200 international insurance regulators and supervisors from over 50 countries around the World who have arrived in Dubai as part of the IAIS’ Tri-annual meetings.

The meetings are being hosted by the DFSA and will discuss regulatory issues of importance to the insurance sector, including micro-insurance and insurance fraud.

At the meetings a Corporate Governance Task Force will be convened to establish a broad corporate governance framework for insurers to allow work on solvency assessment, reinsurance and other matters.

The adoption of a multilateral memorandum of understanding for the sharing of information between insurance supervisors will also be presented and discussed.

While the meetings are working sessions, during which business issues and standards are discussed, the participants will enjoy evening events which will allow them to experience Dubai and its culture.

Mr Knott commented: "We are delighted to host the IAIS Tri-annual meetings and to welcome regulators and observers from over 50 countries.

Our engagements with international standards bodies such as the IAIS are a clear demonstration of our commitment to the development, administration and enforcement of world class regulation while allowing the DFSA to showcase Dubai.”