The Central Bank seeks to promote the effective and efficient development and functioning of the insurance sector. To this end, Companies are required to maintain appropriate records, prepare financial statements in accordance with the International Financial Reporting Standards (IFRS) and the instructions of the Central Bank, and publish annual financial statements bearing the opinion of an External Auditor approved by the Central Bank.

In implementing this Regulation, the Central Bank intends to ensure that Companies approaches to financial reporting and external audit are in line with the leading international practice.

This Regulation is issued pursuant to the powers vested in the Central Bank under the Central Bank Laws.

Where this Regulation includes a requirement to provide information or take certain measures, or to address certain items listed at a minimum, the Central Bank may impose requirements that are additional to the listing provided in the relevant article.

This Regulation supplements Decretal Federal Law No. (48) of 2023 Concerning the Organization of Insurance Operations, the Insurance Authority’s Board of Directors’ Decision No. (19) of 2020 Concerning the Guidance Manual for Insurance Companies and Related Professions to Submitting the Data, information and Supervisory Reports, the Insurance Authority Board of Directors’ Decision No. (25) of 2014 Pertinent to Financial Regulations for Insurance Companies, the Insurance Authority Board of Directors’ Decision No. (26) of 2014 Pertinent to Financial Regulations for Takaful Insurance Companies, and the Central Bank of the UAE’s Board of Directors’ Resolution published in the Official Gazette issue No. (740) on 30 November 2022 Regulation Regarding Takaful Insurance. Additional requirements may be imposed pursuant to decisions to be issued by the Central Bank in this regard.