Publication
Women in Red
Welcome to the Women in Red Committee at Norton Rose Fulbright South Africa.
Middle East | Publication | July 2024
In 2022, the UAE introduced a suite of Federal Laws, requiring UAE private notaries and translators, and experts in onshore UAE court proceedings, to obtain professional indemnity insurance.
Ministerial Decisions were recently issued on 15 May 2024 which supplement these Federal Laws. The new Ministerial Decisions provide more detail on the requirements in relation to the professional indemnity insurance policies to be taken out by such professionals.
The Ministerial Decisions
The new laws include:
The new Ministerial Decisions impose some detailed requirements in relation to the terms of professional indemnity policies required to be taken out by UAE notaries, experts and translators.
The requirements outlined in each Ministerial Decision are substantively identical.
In summary, the PI policy must:
The new Ministerial Decisions provide a greater level of clarity and detail in relation to the professional indemnity insurance coverage required to be obtained by experts, translators and private notaries in the UAE.
Notably, the requirements envisage PI coverage for a range of perils not just limited to negligent practices (such as claims relating to defamation, dishonesty, and fraud), and mandate substantial minimum coverage amounts, particularly for policies obtained by expert and translation houses.
The required three-year policy term is unusual for a PI insurance policy. However, this reflects the term of registration for experts, translators and private notaries on the relevant UAE roll or register, before renewal is required.
For the insurance sector, these new laws are likely to drive increased demand for professional liability insurance products tailored to translators, experts and notaries. Insurers will need to ensure that they offer policy products which meet the specific requirements outlined in the Ministerial Decisions, such as the minimum coverage limits and non-revocable terms, and ensure that coverage is provided for the specific types of cases enumerated above.
As the laws impose mandatory PI insurance requirements on new classes of professionals, they should serve to provide a greater level of protection for affected clients and claimants.
The mandatory insurance requirements have the potential to impact practices in the UAE for the better, by encouraging experts, translators and private notaries to adopt strong risk management measures to reduce claims and insurance premiums.
This Ministerial Decision relates to Federal Decree-Law No. 20/2022 Concerning the Regulation of the Notarial Profession and its Implementing Regulations contained in Cabinet Decision No. 16/2024.
This Ministerial Decision relates to Federal Decree-Law No. 21/2022 On the Regulation of Expertise Before the Judicial Authorities and its Implementing Regulations contained in Cabinet Decision No. 17/2024.
Publication
Welcome to the Women in Red Committee at Norton Rose Fulbright South Africa.
Publication
When does a director first come under a duty to consider the interests of creditors (Creditor Duty)? How should the Creditor Duty be weighed up in a director’s decision on whether to authorise the repayment of shareholder loans and to declare dividends? In the very recent decision of Foo Kian Beng v OP3 International Pte Ltd (in liquidation) [2024] SGCA 10 (Foo Kian Beng), the Singapore Court of Appeal (CA) sheds light on this important issue and gives practical guidance to directors. Prior to Foo Kian Beng, Singapore, English and Commonwealth courts had not been uniform in describing when the Creditor Duty is first engaged. Potentially confusing and ambiguous terms such as “financially parlous” and “on the verge of insolvency” were used, which resulted in uncertainty as to when the Creditor Duty first arises.
Publication
On July 22, the Competition Bureau officially opened its public consultation to inform its enforcement guidelines for the new greenwashing provisions under the Competition Act (Act) that came into force on June 20, 2024, with the passing of Bill C-59 .
Subscribe and stay up to date with the latest legal news, information and events . . .
© Norton Rose Fulbright LLP 2023