The UAE's Insurance Authority is considering increasing foreign ownership limit in insurance companies to 100% from the current 49%, local media reports.
Ebrahim Obaid Al Zaabi, director general of the Insurance Authority, told Al Bayan newspaper there is a proposal to allow full ownership of insurers in the Middle Eastern market.
Al Zaabi added that foreign companies' branches in the GCC nation are fully owned by non-emiratis. He highlighted that the regulator has no intentions to raise the capital of the UAE's insurance firms.
The UAE's move comes alongside many international markets loosening their stances on foreign ownership on insurance companies, as these markets seek insurance sector growth brought by global insurance giants' capital.
Myanmar recently welcomed five global insurers to establish wholly owns subsidiaries, while Vietnam and China are also opening up their markets. Malaysia, which controversially tried to enforce a dormant rule limiting foreign ownership in insurers to 70%, backed down and introduced a more flexible system.
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