The authorities in charge of the Emirate’s administration approved the Swiss company’s application for an insurance firm’s license.
iSwiss Insurance LLC is the Dubai-based subsidiary of the larger iSwiss group of companies. The company has been granted the final license necessary to operate in the insurance sector, along with the registration in the Emirate’s register of insurance companies. iSwiss Insurance is now permitted to issue life insurance policies, fire insurance policies, accident insurance policies, travel and property protection policies, and health policies, along with issuing vehicles insurance registered in the Emirate, but not solo: it would be able to insure airplanes, ships, trains, and goods shipments. Additionally, iSwiss Insurance has become authorized to offer vehicle insurance registered in the Emirate. iSwiss Insurance LLC is finally permitted to issue insurance claims and collect credits, which are vital functions for a financial company.
“The issuing of the insurance license to iSwiss – that has concluded a lengthy process – is the demonstration, on the one hand, the trust of local authorities in our company, and, on the other hand, demonstrates the determination of local authorities to globalize their insurance industry, elevating it to global scales and standards,” said Aleo Christopher, the Chief Executive Officer of iSwiss. Christopher expressed his contentment with the decision.
According to Aleo, “We are concluding the interface with local anti-money laundering agencies, and we are completing the creation of the internet platform, on which to offer the services in many languages: we hope to start a business by the summer end.”
iSwiss Insurance LLC will be able to deliver its services to Emirate residents, enterprises based in the gulf, foreigners, and business people in Dubai, including any client, remotely and in compliance with local regulations. It will be possible for iSwiss Insurance LLC.
iSwiss Insurance was the first insurance firm established by the group. “Because we believe that there is significant opportunity for development in both the Middle East and Asia, we have decided to launch our business in a region such as the United Arab Emirates. Since risk management is among the most crucial parts of a contemporary organization, there is a market for high insurance services.
Forbes Monaco recently presented Aleo Christopher, CEO of the Swiss firm, with an award in recognition of the firm’s creative revolution in the financial services industry. iSwiss is a company that works in international payment services, cryptocurrencies, and securitizations, as well as lending money to those who are not eligible for traditional bank loans.
