Insurance Archives - Fichte & Co Legal

Introducing Sanadak: UAE’s first Ombudsman Unit for Financial and Insurance Consumer Disputes

Anna Mkrtchyan — Thu, 28 Mar 2024 06:00:40 +0000

The UAE has taken a significant step towards enhancing consumer trust and protecting consumer rights with the introduction of the new ombudsman unit, “Sanadak”. This move follows the merger of the UAE Insurance Authority with the Central Bank of the UAE in 2020, forming a unified regulatory body for both insurance and banking sectors. The …

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A Glance in the New Insurance Law in the UAE

Ravi P. Jawani — Fri, 02 Feb 2024 04:30:40 +0000

In a significant development for the insurance sector, the recently published New Insurance Law on 31 October 2023, set to be enforced from 30 November 2023, marks an important moment in the regulatory landscape of the United Arab Emirates (UAE). The main reason for this legislative update is the formalization and codification of the transfer …

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Insurers adopt the Poseidon Principles for Marine Insurance

Shehab Mamdouh — Wed, 19 Jan 2022 11:35:46 +0000

On 15th December 2021, six of the world’s leading marine insurers have publicly launched Poseidon Principles for Marine Insurance to keep the focus on the shipping industry’s progress towards decarbonization. In fact, this ground-breaking initiative makes marine insurance unique to establish a sector-specific methodology to support the reduction and elimination of carbon emissions. Moreover, this …

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Is the Arbitration Clause included in the General Terms and Conditions of the Insurance Policy a valid clause?

Mahmoud Ahmed — Thu, 07 Oct 2021 03:26:37 +0000

Our client approached us to assist him in filing a case against one of the well-known UAE Insurance Companies. The client complained about his insurance company refusing to cover a surgery under the medical insurance policy. The reason brought for the rejection was that the natural condition of the Insured is due to a congenital …

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Covering the same Risk under Multiple Insurance Policies

Ahmed Salih — Tue, 28 Sep 2021 08:40:14 +0000

The concept of insurance depends on the participation of a group of persons, whether physical or corporate (the insured), that distribute the risks that may result from specific events. The insureds pay pre-determined contributions to the insurance company (the insurer), which undertakes, accordingly to the policies agreed, the responsibility to pay the insurance amount for …

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Dissolution of EMAC and its effects on the business community

Dr. Laura Voda — Wed, 22 Sep 2021 03:33:30 +0000

On September 14 2021, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, issued Decree No. 34 of 2021 (“Decree”) regarding the Dubai International Arbitration Centre (DIAC). The Decree dissolves Emirates Maritime Arbitration Centre (EMAC) and replaces it with the Dubai International Arbitration Centre (DIAC), …

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Is it going to be the end of abandoned vessels in UAE waters?

Jasmin Fichte — Wed, 07 Jul 2021 03:53:31 +0000

Recently, we have witnessed the massive development in the UAE maritime industry; the UAE has acceded to two major international conventions, namely the 1996 Protocol on Limitation of Liability (“LLMC“) and the 2001 International Convention on Civil Liability for Bunker Oil Pollution Damage (“Bunker Convention”). Further, negotiations are carried out for the ratification of the …

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Direct Executory Force of Notarized Debts

Dr. Laura Voda — Tue, 24 Nov 2020 03:44:23 +0000

In the UAE, a debt is directly executable before the UAE Courts where it has been notarized and stamped with a stamp of execution by a notary public. This may be an attractive route for settling debts, for debtors and creditors alike, due to the time and cost-efficient nature of the process. In particular, it …

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Overview: Enforcement Proceedings of Domestic and Foreign Judgements in the UAE

Moaz Forawi — Wed, 21 Oct 2020 09:43:43 +0000

Introduction In the UAE, the general procedures for the execution and enforcement of domestic and foreign judgements are set out in Federal Law No. 11/1992 and its recent amendments (Cabinet Decision No. 57/2018 and Cabinet Decision No. 33/2020) (together the “Civil Procedure Code”). Enforcement of domestic judgements Enforcement proceedings may be initiated after obtaining a …

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A Partnership Between Fichte & Co. and Middlesex University Dubai

Fichte Legal — Tue, 20 Oct 2020 07:28:43 +0000

Since 2016, the partnership between Fichte & Co and Middlesex University Dubai, has focused on establishing a common platform in order to cultivate law students for their transition from academia to the professional industry. The partnership was also sealed by the signing of a Memorandum of Understanding, where both parties committed to a mutually beneficial …

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