UAE Central Bank cancels licence of health insurance company for non-compliance – News

The company is a third-party administration service company providing medical benefit and claims administration services

Published: Mon 6 Feb 2023, 10:01 AM

Last updated: Mon 6 Feb 2023, 2:42 PM

The Central Bank of the UAE (CBUAE) on Monday said it has cancelled the licence of Iris Health Services for not complying with the applicable guidelines.

The regulator said the licence has been cancelled in “accordance with the applicable instructions and procedures for licensing health insurance third party administrators and regulation and control of their business.”

The company is a third-party administration service company providing medical benefit and claims administration services.

The Central Bank has been strictly monitoring the practice of the local insurance sector to ensure that all the companies adhere to the local laws.

In June 2022, it had imposed an administrative sanction on two insurance companies for failure to meet its regulatory obligations. One of the firms was prohibited from issuing additional insurance policies to new customers for one year.

In December last year, new guidelines were issued for the insurance sector to combat money laundering and financing of terrorism.

Companies operating in the insurance sector – including insurers, reinsurers, agents and brokers – were given one month time to comply with the new regulations.

The Central Bank on Monday said it would ensure that all insurance companies and professions related to insurance companies comply with the UAE laws and regulations adopted by the regulator in order to safeguard the transparency and integrity of the insurance industry and the UAE financial system.


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2023 Insurance Law Practice Overview Of China.


Over the past decade, China’s insurance industry has grown rapidly and held the second largest premium market share worldwide for many years, contributing steadily to the global insurance market. In 2022, despite the repeated impact of the pandemic and the turbulent capital markets, China’s insurance industry has been put to the test and has seen new developments with the introduction of various favorable policies, such as the start of pension insurance and green insurance and the continued “popularity” of D&O liability insurance.

Based on data released by China Banking and Insurance Regulatory Commission (CBIRC) on its official website on 11January 2023, as of November 2022, the insurance companies’ original insurance premium income reached 635 billion USD with an increase of 4.95% year-on-year; the claims and benefits paid out were 192 billion USD with a decrease of 0.60% year-on-year; the total assets of the insurance industry reached 3.9 trillion USD; the net assets of the insurance industry reached 398 billion USD.


As China’s ageing process accelerates, new countermeasures to address the issue of elderly support are being introduced. 2022 is the starting year for the development of China’s personal pension system. In April, the General Office of the State Council released The Opinions on Promoting the Development of Personal Pensions, announcing for the first time a complete institutional framework. Subsequently, the State Administration of Taxation, the CBIRC and other government agencies have issued supporting pilot rules to aid the personal pension system from the perspective of personal tax incentives and pension insurance products.

For example, the CBIRC issued The Notice on the Launch of Pilot Commercial Pension Business of Pension Insurance Companies in December, allowing four pension insurance companies to launch pilot business in ten provinces (cities), including Beijing, where pension

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SA insurance companies refuse to cover grid failure damages amid Eskom concerns

Several South African insurance companies, including Hollard, Momentum, Outsurance and Santam, have announced they won’t be covering damages related to the failure of Eskom’s power grid. The companies made this decision after reinsurers – firms that provide financial protection to insurance companies – indicated they would not provide coverage in the event of a grid failure, leading insurance companies to consider it an “uninsurable event.” The companies have seen a significant increase in claims for damages to goods due to Eskom’s load-shedding. Load-shedding is different from a grid failure and generally, insurance companies pay out claims if a customer’s equipment is damaged due to a power surge.

By Hanno Labuschagne

Several big South African insurance companies won’t cover their customers for certain damages related to the failure of Eskom’s power grid.

Moneyweb first reported on the development after seeing an email that Hollard Insurance sent to clients notifying them of a new “Electricity Grid Failure” exclusion added to their policies.

Hollard spokesperson Warwick Bloom said that although a total grid failure remained unlikely, it was now a “possibility”.

Bloom said reinsurers — the firms that provide financial protection to insurance companies — have indicated they would not offer reinsurance cover in the event of a grid failure.

“This means that electricity grid failure — as defined in our letter to our clients — is an uninsurable event,” Bloom said.

“Along with other insurers, Hollard is attempting to make this clear for policyholders.”

Following this change to Hollard’s policy, MyBroadband contacted insurers to find out whether they were also introducing changes to account for total grid failure.

Momentum Insure chief actuary Rudolf Britz said the company did not cover grid failure itself, but the impact of grid failure continued to be covered.

“For example, if your car is insured through Momentum

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Insurance companies dropping new Kia, Hyundai policies

At least two major insurance companies are not issuing new policies in some areas for certain Hyundai and Kia vehicles. Here’s what drivers need to know.

If you own a vehicle from two manufacturers, you may not be able to have it insured by some major companies, a social media post claims. 

“Major car insurance companies plan to drop Hyundai and Kia from their plans due to thefts!” the poster claimed in a viral tweet on Jan. 30.

Recent online search data also show that Hyundai and Kia drivers are looking for information about insurance policies. 


Have some car insurance companies stopped covering Hyundai and Kia models due to thefts?



This is true.

Yes, some car insurance companies have stopped covering Hyundai and Kia models due to thefts. The change applies to new policies, not those for existing customers. 

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Progressive and State Farm are not issuing new policies in some areas for certain Hyundai and Kia vehicles due to an uptick in thefts involving the cars. 

Both insurance companies say they will continue to insure existing customers who own these types of vehicles. 

Scott Holeman, a spokesperson for the Insurance Information Institute (III), also confirmed the institute is only seeing the suspension of new customer applications in some states, not the dropping of existing customers.

The insurance companies did not provide a list of vehicles that they will not insure right now. But a spokesperson for Kia said the impacted models include “2011 to 2021 Kia vehicles equipped with a steel ignition key for turn-to-start operation.”

Hyundai didn’t provide information about impacted models, but a spokesperson said in a statement that the company “regrets this decision by insurers and its

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Centre asks insurance companies to reduce piling up of consumer cases

The Consumer Affairs Ministry, at a meeting with stakeholders in the insurance sector including the IRDAI, flagged key concerns to reduce the number of pending cases at various consumer commissions. Some of the issues that were flagged by the Centre included ambiguity in terms of insurance policies, repudiation of health insurance claims due to pre-existing diseases, lack of information regarding eligibility conditions for insurance policies besides issues regarding crop insurance.

Speaking to mediapersons, Rohit Singh, Secretary, Department of Consumer Affairs said, “We analysed the cases that are pending in various consumer commissions. Out of the 5.78 lakh pending cases, nearly 1.61 lakh pertain to the insurance sector. This indicates that there is a systemic issue and the deliberations were held to discuss measures to address key consumer concerns.”

He said simplification of the insurance documents is required so that consumers can better understand the terms and conditions  especially regarding exclusions and inclusions.

Pointing to health insurance policies, Singh said that pre-existing disease disclosure conditions are often not properly understood by consumers leading to rejection of claims. The Ministry officials also raised concerns about lack of awareness among consumers regarding crop insurance rules which are linked with government schemes.

Authorised personnel

“One of the key concerns discussed was also the fact that often the representatives of insurance companies delegated for mediation and out-of-court-settlement proceedings, are not empowered to make decisions. We have asked insurance companies to ensure their representatives are authorised to make such decisions so that such cases can be resolved in a timely manner,” Singh explained.

The Ministry also raised concerns regarding quality of engagement of intermediaries or agents with consumers. “Often the agents and intermediaries, do not give consumers complete information when selling the insurance policies,” he added.

“During the deliberations it was suggested that technology

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Best Renters Insurance Companies –

If you rent your home, you may benefit from renters insurance. A renters policy can provide financial help if your rental catches on fire or someone breaks in, destroying your belongings. It will also cover your personal liability if you’re sued and pay for medical expenses for a guest if they’re injured on your property. For a catastrophic event that displaces you from the rental, the policy can also pay for additional living expenses you’ll pay until you’re back home.

Most insurance companies offer renters insurance, so how can you choose the policy that’s right for you? We compared dozens of carriers to find the best renters insurance companies in New Jersey. Understanding the differences between the companies and how to compare policies and carriers can help you find the best policy for the right price.

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Best Renters Insurance Companies



  • Entirely digital experience
  • Fast claims process
  • Cheap rates


If you prefer a 100% digital experience and cheap coverage, Lemonade may be a good choice. This carrier offers one of the cheapest rates for renters insurance in New Jersey. Besides the basic coverages, you can customize your Lemonade renters insurance with extra coverage for high-value items, like jewelry, bikes, musical

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Best Car Insurance For High-Risk Drivers in 2023

If you’re categorized as a high-risk driver by your car insurance company, you’ll likely pay more than the average driver.

There are several reasons why you could be considered a high-risk driver. It may be because of your driving record — think having a history of tickets, accidents or DUI/DWI convictions. Or it may be because of certain characteristics, such as if you’re a young or inexperienced driver or have poor credit.

While you may pay higher rates for coverage with one or more of these factors on your record, that doesn’t mean that you can’t still get the best possible price for coverage based on your situation. Shopping around for coverage, working on your credit score and bundling your insurance policies could help bring down the premium, or the price you pay for coverage. (See our methodology to see how we choose the car insurance companies for high-risk drivers.)

Best car insurance for high-risk drivers

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Best overall

State Farm Auto Insurance

  • Cost

    The best way to estimate your costs is to request a quote

  • App available

  • Policy highlights

    State farm is one of the largest auto insurers based on market share and has an excellent reputation for customer satisfaction. It offers 13 discounts, including ones for safe driving and young drivers.


  • High customer satisfaction
  • Largest car insurance company in the U.S.
  • Accident forgiveness for good drivers


  • High NAIC complaint index score 
  • Doesn’t offer gap insurance

State Farm is a top pick for high-risk drivers, and it was also our top pick for car insurance overall for customer satisfaction. It scores at the top of widely-available car insurance companies by JD

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Toronto carjackings: Could auto theft increase insurance?

An industry expert says a surge in carjackings in the Greater Toronto Area along with ongoing car thefts from driveways and parking lots could put pressure on some insurance companies to consider raising their premiums.

“There have been 93 carjacking incidents that have occurred in Toronto so far this year. That’s compared to 21 over the same period last year, so that is almost a 400 per cent increase year-over-year,” said Aren Mirzaian, CEO of My Choice, an insurance comparison website.

The company said in the last 30 days there have also been 404 car thefts in Brampton and Mississauga alone, which is approximately 13 vehicles a day.

According to My Choice, there were 20,767 auto theft claims in Canada in 2020 with payouts of $346.7 million dollars, but with rising theft and carjacking incidents the payouts are expected to be higher this year.

Throughout the pandemic car insurance premiums have remained relatively flat and some companies even gave rebates to their customers, but as car thefts and carjackings increase some companies may need to raise rates to cover their costs.

“If there are more theft claims associated with a particular model or location then insurance companies may have to charge more for that location to offset those claims,” Mirzaian said.

According to My Choice the five most expensive cities for car insurance in Ontario are now Vaughn, Ajax, Brampton, Mississauga and Toronto.

The five cities with the most car thefts are Hamilton, Vaughn, Brampton, Mississauga and Toronto.

With auto thefts on the rise it’s important to know that basic car insurance policies provide liability coverage, but not coverage for theft. For that you’ll need additional coverage such as comprehensive, specific perils or all perils coverage.

“That type of endorsement is going to help replace a stolen vehicle, it’s

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How to save money on your car insurance | The Islander

Taking the time to understand car insurance policies and choosing wisely can deliver significant savings.Picture: Adobe Stock

Whether you are taking a ride on sunny days or rainy ones, you are likely to encounter the uncertainties that meet road users each day.

These uncertainties can be in the form of driving mistakes – yours or those of other road users – bad roads, and numerous other hazards that culminate in accidents that can damage your car.

On unfortunate days like that, the insurance policy covering your vehicle is the only thing that builds and maintains your confidence. However, car insurance comes at a cost whose affordability may be termed relative.

As a prudent and wise car owner, you can save on the cost of your car insurance without risking the coverage it provides in the following ways:

1 Compare and evaluate different insurance policies

There are many car insurance companies, and each offers its policies at different rates. Consider taking your time to research various competitive insurance companies and compare quotes and discounts before settling for the best value.

The quotes should be obtained from insurance companies, either those that sell through their agents or directly to their customers.

Remember to check the financial strength and creditworthiness of whichever company you eventually select, as this goes a long way in determining if the seems cost effective car insurance policy is the wisest decision.

2 Be consistent with the same insurance company

Some businesses offer a reward package for loyal customers, and a car insurance company is no exception.

Some insurance companies reward their long-time customers with price breaks and multi-policy discounts.

It is not an automatic offer, and it is imperative to weigh the benefits of consistency with an insurance company over those of separate insurance from different companies.


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No More 90210: Doug Ford promises Ont. insurance reform, calls for end to postal code pricing

Toronto, Ontario – During a press conference Thursday, June 30th, Ontario Premier Doug Ford suggested that insurance premiums predicated on postal codes may be coming to an end. The insurance industry’s practice of pricing based on location represents unfair gouging of consumers, according to Ford.

“I know we’re working on a plan for insurance companies, as far as I’m concerned, that’s totally unfair for the people of Brampton, of Scarborough–they’re going after these people based on their postal code,” said Ford .

This statement comes from a conference related to recent gas tax cuts implemented to help Ontario drivers. This focus on driver-friendly policies seems to be a staple of the Ford government. Ford has already implemented the removal of license plate renewal fees, and the tolls from some highways as well.

In the Ford government budget released in April, the Ontario PC party promised that insurance reforms would give Ontario residents more options when it comes to their car insurance. “Insurance companies are making tons of money and it’s coming out of the pockets of Ontarians. So, we’re going to be all over them,” said Ford.

For Ford, the proposed insurance reform comes down to an issue of fairness.

“They have to treat people fairly right across the board,” says Ford.

There is currently no timeline on when Ontarians could see a change in their insurance rates. However, at least with Ford focused on the issue, Ontario drivers can hope for a change.

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