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. The Board of Directors of the IA was formed under the UAE Cabinet .The Board is chaired by His Excellency Sultan bin Saeed Al Mansouri, Minister of Economy. The membership of the Board include H.E. Humaid Ali bin Butti Al Muhairi, H.E. Mariam Butti Al Suwaidi, H.E. Mariam Mohammad Amiri, H.E. Hamad Harith Al Medfaa, Mr. Hamad Saif Al Mansouri, and Mr. Ahmed Ajlan Qubaisi. The Executive Committee of the IA Board of Directors is concerned with the examination and review of all topics or proposed amendments to the Insurance Authority Law, the regulations or decisions issued pursuant thereto, or draft decisions relating to the work of the IA and formulate the advice and opinion thereon before submission to the Board of Directors. The Committee may form working groups, if necessary, determine their duties and follow up their work. The Committee shall submit the minutes of its meetings together with its recommendations and proposals to the Board of Directors or the Chairman as the case may be, in addition performing any tasks assigned to the Committee by the Board of Directors or the Chairman within the limits of the prescribed powers.