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The rapid developments in digital technology are transforming the economic and financial landscape, as well as, creating opportunities and posing challenges for the insured, policyholders, beneficiaries, affected stakeholders, companies, related professions and regulators. These developments are mostly led by the private sector, driven by the global digitization and technological development forces that are reshaping numerous aspects of the world's economies and societies.
1. Contributing to achieving the UAE Vision 2021, which aims to create a competitive knowledge economy based on innovation, which requires the support of the Innovative Solutions Owners. In the meanwhile, qualifying the Authority to understand the products to be introduced and identify the risks associated with them and to ensure a satisfactory level for customers during the pilot period.
2. Transforming the UAE insurance market into a smart insurance market.
3. Supporting the emerging Emirati FinTech companies.
4. The Authority aims, by issuing this document, to define the regulatory framework for the operation and management of the experimental environment of the insurance sector, in order to create an attractive environment for the insurance sector using innovative systems, as well as, making it a platform to interact with FinTech companies, improving the regulatory framework, and contributing to economic growth and risk management.