The Insurance Authority (IA) was established under the Federal Law No. 6 of 2007 with a legal personality and financial and administrative independence. The Federal Law No. 6, which came into force as from 28.08.2007, entrusted the Authority to regulate and supervise the insurance sector in the United Arab Emirates in order to ensure the provision of a favorable climate for its development and promote the role of the insurance industry to indemnify persons, property and liabilities against risks to ultimately protect the national economy; accumulate and grow national savings and invest them to support the economic development in the UAE; encourage fair and effective competition; provide the best insurance services with appropriate coverage at affordable rates, and achieve job Emiratization in the UAE insurance market.