The regulator met with international life companies and law firm Clyde & Co early afternoon on Thursday in the UAE to discuss the proposed changes that were first announced in November.
An industry source told International Adviser that the life companies attending the meeting were asking for a two-year delay to the implementation of the regulatory changes.
IA meeting
Following the meeting, a spokesperson for Clyde & Co told International Adviser that the attendees had not expected many amendments to the regulatory changes proposed in Circular No. (33) of 2016 (Life Regulations), “although possibly a longer implementation period”.
However, in a move that surprised those present, the regulator took on board a lot of the industry’s feedback and said it would now issue a second draft of its consultation paper to address the concerns raised.
“They’ve really taken on board the comments of the industry,” the spokesperson said. “It’s pretty positive for the industry and, certainly, it means we’re not going to see anything coming in, in the immediate future.”
It is not yet clear which particular issues the IA intends to address in its second consultation paper, which is expected to be issued in the next few weeks.
