1. The Financial Services Regulatory Authority (“FSRA” or “we”) of Abu Dhabi Global Market (“ADGM”) is issuing this Discussion Paper (“DP”) to seek views on a significant update to its regulatory framework for insurance business.
2. The FSRA is taking a holistic and fundamental look at its current regulatory framework for this sector with a view to supporting further development and growth of the insurance industry in ADGM. The initiative aims to strike a prudent balance between competitiveness, regulatory strength, and operational simplicity, ensuring that ADGM attracts leading market participants while maintaining robust standards.
3. The FSRA regularly reviews its regulatory framework and supervisory approach in order to ensure alignment with global standards and best practices. By taking a fresh approach to the regulation and supervision of insurance in that context, and in particular reinsurance, the FSRA is seeking to combine the most effective elements of global regulatory frameworks. This approach is unencumbered by legacy measures that are not suited to all segments...