Overview Jurisdiction Al Reem Expansion Authorities Initiatives ADGM Academy Arbitration Centre Overview Business areas Setting up Operating in Public registers Legal framework Regulation Awareness Collaboration Ecosystem ADGM Sustainable Media News Events Spotlight Podcasts Publications Support Make an enquiry Whistleblowing FAQs
A platform that offers limitless opportunities and paves the way for a brighter future

Abu Dhabi boasts first-class infrastructure and unparalleled global connectivity, making it a premier international destination. Its exceptional qualities make it an ideal location to live, work, and conduct business.

Read about Abu Dhabi's lifestyle
Latest initiatives ADGM Announces Incentive Initiative for Existing Al Reem Island Businesses Transitioning to ADGM ADGM Marks Its Presence on Al Reem by Hosting its First Community Event on the Island
Providing an environment that empowers the future

A financial centre that provides transparency, efficiency, and integrity, through its progressive frameworks, future focused infrastructure, all within a familiar independent legal jurisdiction – ADGM is the perfect platform for success.

Find out how to set up in ADGM
Latest news The Registration Authority of ADGM publishes consultation paper on Single Family Offices and Company Charges Under the patronage of HH Sheikh Khaled bin Mohamed bin Zayed Al Nahyan ADFW to return in December 2024 under the theme ‘Welcome to the Capital of Capital’
Preserve our economies and environment for future generations

ADGM, the centre for a transparent and thriving sustainable finance ecosystem.

More about our Sustainability vision
Highlights ADGM, the Region's Leading Climate Finance Hub, Announces its Role as Principal Partner at COP28 ADGM Implements its Sustainable Finance Regulatory Framework
Stay up-to-date with our wide range of available resources

Our community of business professionals, entrepreneurs, and investors can depend on ADGM to provide timely news and reliable insights.

Read our latest news articles
Upcoming events LINK Networking Series FSRA: Policy & Legal Legislative Update Session ADFW 2024
We are here to help

At ADGM, we offer various support options, including contact details, FAQs, enquiry forms, and a whistleblowing form.

View available support options
Some of our FAQ topics
  • Getting started
  • Foundations regime
  • Resolution for incorporation
  • Existing auditors
  • New auditors
  • ACCESSADGM
  • Announcement

    service

    Insurance Authority of Abu Dhabi and Abu Dhabi Global Market Sign a Memorandum of Cooperation to Reinforce Insurance Business Supervision

    ADGM FSRA 23/11/2015

    The Insurance Authority (IA) and the Financial Services Regulatory Authority of Abu Dhabi Global Market (ADGM) have today (Monday, 23 November 2015) jointly signed a Memorandum of Understanding (MOU) to enhance mutual cooperation on areas including supervision of insurance business and the exchange of relevant regulatory information and oversight.

    The signing ceremony took place at the Insurance Authority's headquarters in Abu Dhabi. The MOU was signed by HE Ibrahim Obaid Al Zaabi, the IA Director General for the Insurance Authority and by HE Ahmed Ali Al Sayegh, Chairman of ADGM and Mr. Richard Teng, CEO of the ADGM’s Financial Services Regulatory Authority, in the presence of and a number of senior officials from both parties. HE Ibrahim Obaid Al Zaabi expressed his pleasure for signing the MOU with ADGM to achieve the vision and strategic objectives of the IA in the field of control, development of the local insurance market and promote the competitiveness of the UAE insurance industry at the global level.

    He confirmed that the signed MOU would contribute to the consolidation of the IA’s efforts to establish the UAE insurance market on the latest legal, technical and financial foundations and ensuring the continued integrity of the conditions of the insurance sector in a manner that best serve the interests of the national economy.

    Al Zaabi said, "It is through the framework of cooperation which will be provided by the MOU will promote the exchange of information mechanisms that would support the supervisory and regulatory instruments for the sector and the companies involved; and thus, would help achieve the common objectives in line with the economic and development trends in the United Arab Emirates.

    He explained that the IA has been constantly working to develop the laws and regulations governing the insurance sector of the UAE and coordination and cooperation with all partners and competent authorities, including the ADGM, to enhance the systems, procedures and controls in order to ensure the regulation and supervision of the insurance sector according to the best legal basis used in the insurance industry.

    In this regard, the IA Director General pointed out that the IA issuance of the financial instructions governing the financial, investment, technical and accounting activities of the companies operating in the conventional and Takaful insurance sector aimed to make the UAE the first country in the Middle East in adopting the latest financial solvency requirements, to be on the same footing like the European model. At the same time, the issuance of these instructions would contribute to upgrade the credit rating of the companies and strengthen the positive outlook of the rating agencies and the global financial and investment institutions for the UAE.

    Richard Teng, CEO, FSRA 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.”

    The MOU establishes a framework for IA and ADGM to continually strengthen and improve mutual cooperation in, and supervision of the insurance industry. This will also enable both parties to achieve their objectives through exchange of information and greater collaboration. The framework seeks to foster greater open communication, exchange of relevant regulatory and supervisory information to foster and ensure compliance with laws, regulations and regulatory requirements, within the laws governing the work and functions of the two parties. The scope of collaboration includes sharing of experiences in insurance supervision, control and inspection techniques, setting up discussion groups, organize and participate in joint inspection tasks in accordance with the law, participation in industry conferences and training and others.