27 April 2011 — DFSA Signs MoU With UAE Insurance Authority
Dubai, Wednesday, 27 April 2011: The Dubai Financial Services Authority (DFSA) entered today into a Memorandum of Understanding (MoU) with the Insurance Authority (IA) of the UAE regarding co-operation and exchange of regulatory information.
The MoU was signed in the presence of His Excellency Eng Sultan Bin Saeed Al Mansouri, UAE Minister of the Economy and Chairman of the IA, in the Dubai Office of the Ministry, by Mr Paul Koster, Chief Executive of the DFSA, and Her Excellency Fatima Mohammed Ishaq Al-Awadi, Deputy Director-General of the IA.
The Insurance Authority is responsible for regulating and monitoring the activity of the UAE insurance sector to secure a suitable environment for its development and to provide security for both the relevant individuals (the consumers, the public, the professions, the insurance companies, the insured, the beneficiaries, applicants for insurance) and property. The DFSA is the regulator of Authorised Firms, including banks, insurance companies, investment banks, asset managers and fund administrators, providing financial services in the Dubai International Financial Centre (DIFC).
Mr Paul M Koster, Chief Executive of the DFSA said, "I am very pleased to be signing this MoU with our federal insurance counterpart, the Insurance Authority, and I am particularly honoured by the presence and support of His Excellency the Minister of the Economy. The DFSA already enjoys a strong relationship with the Authority and both agencies are members of the insurance standard-setter, the International Association of Insurance Supervisors (IAIS) and last year the IA was a major sponsor for, as well as a participant in, the IAIS Annual Conference hosted by the DFSA in Dubai."
"The signing of today's MoU extends that co-operation to day-to-day regulatory issues, formalising arrangements for information sharing. It recognises that both supervisors place reliance on the quality of regulatory standards administered federally and in the DIFC. This also marks a formal collaborative link between the DFSA and all three federal financial supervisors; MoUs having been signed with the Emirates Securities and Commodities Authority in 2005 and with the Central Bank of the UAE in 2009."
"Continuing close co-operation and future joint initiatives between the DFSA and the Insurance Authority will reinforce our mutual commitment to ensuring financial stability and promote sound economic growth in the UAE," Mr Koster said.
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For further information please contact:
Angharad Irving-Jones (Ms)
Head of Corporate Communications
Dubai Financial Services Authority
Level 13, The Gate
Tel: +971 (0)4 362 1661
Fax: +971 (0)4 362 0801
The Dubai Financial Services Authority (DFSA) is the independent regulator of financial and ancillary services conducted in or from the Dubai International Financial Centre (DIFC), a purposebuilt financial free-zone in Dubai. The DFSA's regulatory mandate covers asset management, banking and credit services, securities, collective investment funds, custody and trust services, commodities futures trading, Islamic finance, insurance, an international equities exchange and an international commodities derivatives exchange.
Paul M Koster was appointed Chief Executive of the DFSA on 1 December 2008. Prior to becoming Chief Executive, he was Commissioner and Member of the Executive Board of the Autoriteit Financiële Markten (AFM), the national, integrated conduct of business financial services regulator for the Netherlands, where he was identified as one of the four leaders shaping the conscience of Dutch business. Mr Koster joined the AFM in March 2001 and in addition to his duties as a Commissioner, he chaired, from May 2006 until December 2007, CESR-Fin, the permanent working party of the Committee of European Securities Regulators that co-ordinates the endorsement and enforcement of financial reporting standards in Europe.
For the previous two years he had chaired CESRs Sub-committee on International Standards Endorsement. During his time with the AFM, he was also a Member of the IOSCO Chairs' Committee and, as Chief Executive of the DFSA, he remains actively involved in the work of IOSCO.
Mr Koster previously served as Executive Vice President (Corporate Internal Audit) at Royal Philips Electronics 1998 to 2001; as Managing Partner Corporate Finance, Coopers & Lybrand 1988 to 1998; and as Chief Compliance Officer and Acting Commissioner of Quotations, Amsterdam Stock Exchange 1986 to 1988; and carried out a number of senior finance functions in his earlier career, having trained as an accountant with Arthur Andersen. Mr Koster is a licensed Registered (Chartered) Accountant having qualified through the Royal Dutch Institute of Chartered Accountants in 1977 and certified as a registered auditor in 1983.
In May 2009, Mr Koster joined the Advisory Board of the Emirates Securities and Commodities Authority (SCA), the UAE's federal securities regulator, and in July 2009, he also became a Member of the Consultative Advisory Groups of the International Auditing and Assurance Standards Board (IAASB) and the International Ethics Standards Board for Accountants (IESBA).
In September 2010, Mr Koster won the 'CEO of the Year for Financial Services' award and was voted one of the most influential expatriates living and working in the region today.
The Insurance Authority of the UAE was established in 2009 and is responsible for regulating and monitoring the activity of the UAE insurance sector to secure a suitable environment for its development and to provide security for both the relevant individuals (the consumers, the public, the professions, the insurance companies, the insured, the beneficiaries, applicants for insurance) and for property. Her Excellency Fatima Mohammad Ishaq Al-Awadi, was appointed the first Deputy Director General on the Insurance Authority ………………..