Description

The Insurance Authority (IA) was established under Federal Law No. 6 of 2007, granting it legal personality and financial and administrative independence. Effective from August 28, 2007, this law tasked the IA with regulating and supervising the insurance sector in the UAE. Its goals include creating a favorable climate for the sector's development, promoting the insurance industry's role in indemnifying persons, property, and liabilities against risks to protect the national economy, accumulating and growing national savings, and investing them to support UAE economic development. Additionally, the IA aims to encourage fair and effective competition, provide top insurance services with appropriate coverage at affordable rates, and achieve job Emiratization in the UAE insurance market.

Sheikh Khalifa bin Zayed Al Nahyan (1948–2022), the UAE's second president and ruler of Abu Dhabi from November 2004 to May 2022, was the eldest son of the UAE's first president, Zayed bin Sultan Al Nahyan. He took on a significant role in the late 1990s due to his father's health issues and officially became Abu Dhabi's leader in 2004. His tenure saw cultural and academic growth, including the Louvre Abu Dhabi and Etihad Airways. Under his leadership, the UAE became a major economic power. Known for his pro-Western stance, he strengthened ties with the US and Israel.