Insight Category: Reports
Risks and Trends for 2020 – Authored byMartin Kreuzer, Risk Manager Cyber Risks, Munich Re A Legal & Regulatory Perspective from the Middle East – Authored by Simon Isgar, Partner and Head of Insurance/Reinsurance, BSA As global insurer and reinsurer of cyber risks, Munich Re is closely watching developments of cyberattacks to provide suitable insurance… Continue reading Cyber Insurance: Risks and Trends 2020...
In Oman, the registration, use and enforcement of trademarks is regulated by the Law of Industrial Property Rights, promulgated under Royal Decree No. 67/2008, the (“IP Law”). The Ministry of Commerce and Industry (“MOCI”) issued the Executive Regulations of the IP law, which govern the application of the law and its provision, under Ministerial Decision… Continue reading How to Register a Trademark in the Sultanate of Oman...
In contracts where payment is intended to be made upon the occurrence of specific events or the satisfaction of certain conditions it is paramount, for any payment claim to be successful, that such events and conditions be clearly defined, as well as convincingly proven to have occurred. In a recent arbitration concerning a claim by… Continue reading The Dangers of Failing to Accurately Define the Terms Under which Contractual Payments are to be made...
The UAE Insurance Authority issued Board of Directors’ Resolution No. (14) of 2020 on the Amendment of Some Provisions of the Insurance Authority Board of Directors’ Resolution No. (15) of 2013 Concerning Insurance Brokerage Regulations dated 30 March 2020 (“the Resolution”). The Resolution allows, subject to a submitted application and consent of the Insurance Authority… Continue reading Insurance Brokers – Reduction in Capital Requirements...
The maritime sector has always been significant to the growth of the UAE economy over the decades. This has been most apparent in Dubai where the creation of Jebel Ali Port and the Dubai Dry Docks in the 1970’s laid the foundation for Dubai to become the maritime hub for the Middle East, in much… Continue reading 100% Foreign Ownership for the Maritime Sector in the UAE...
Technology has been quick to address the need for a remote conduct of arbitration hearings, from the very early stages of the current pandemic. Efficient, affordable, and generally reliable tools have been developed to ensure that all parties in attendance have audio-visual access to each other, as well as to digitised hearing bundles and live… Continue reading Virtual Hearings in arbitration: are they as effective as they are efficient?...
As a result of the current COVID-19 pandemic, challenges are being presented to the plant industry as the biggest flows of wildlife in terms of trade involves plants and not animals. Therefore, it is necessary to keep a close eye on the plant sector as well as supporting businesses involved in the trade of plants… Continue reading Plant Varieties Protection in the UAE...
Insurance distribution in the Middle East has taken traditional form over the years, either through insurance brokerages or on a direct basis and to a limited extent through banks and agents. While the age of insurtech is upon us, the Middle East markets have not taken up or embraced the concept as much as other… Continue reading Insurance Distribution in Europe & Wider Implications for the Middle East Insurance Market...
BSA Ahmad Bin Hezeem & Associates LLP (“BSA”) are pleased to support the recent exciting merger of the United Arab Emirates Insurance Authority & Securities & Commodities Authority into one financial regulatory body overseeing the authorisation and regulation of insurance and investment as one regulatory body. The UAE Federal Government formally announced the merger of… Continue reading UAE Insurance Authority & Securities & Commodities Authority Merge...
Following a review conducted by the European Union on countries with low or nominal corporate tax, the committee prescribed the ‘Economic Substance Regulations’ and requested that the low tax jurisdictions review their own regulations and make efforts to ensure their compliance with best practices. The purpose of the regulations is to impede potentially harmful tax… Continue reading Economic Substance Regulations for IP Rights Holders...