What is the role of the Board in the insurance sector with regards to Emiratization targets?
The Board is responsible for setting and determining Emiratization targets in the insurance sector. It also monitors compliance with these targets and has the authority to impose penalties and fines on companies and insurance-related professionals who do not comply. Additionally, the Board can coordinate with relevant authorities or delegate some of these functions. They are also required to establish a mechanism for handling the fines and submit an annual report to the Cabinet on Emiratization targets and the actions taken to achieve them.