Omar Al Olama, UAE Minister of State for AI, Digital Economy and Remote Work Applications, has been selected by UN Secretary General Antonio Guterres to serve on the High-Level Advisory Body on Artificial Intelligence.
The UN body comprises 38 members, including government officials, high-tech entrepreneurs, AI experts and specialists.
Mr Al Olama said his inclusion in the body is a reflection of the UAE's leading position in the field. He said the UAE has reached this level due to leadership, preparing for future challenges and advancing AI-based solutions.
“Joining the UN Advisory Body on AI is a great opportunity for driving a qualitative leap in the joint international efforts aiming to establish a comprehensive governance system for AI-related fields,” Mr Al Olama said in a statement.
“The new system shall leverage AI opportunities, enable countries and societies to participate in the process of technological development, while maintaining the balance between humans and machines within a safe, inclusive, technological future ecosystem for all.”
Mr Guterres convened the high-level advisory body to deliver recommendations for the international governance of AI, according to the UN.
The body brings together different perspectives on how the fast-developing technology can be used for the common good.
The AI Advisory Body is designed to make recommendations on international AI governance, understanding its risks and challenges, and defining AI's role in developing the UN Sustainable Development Group's goals.
Mr Guterres announced the formation of the panel last year.
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Key changes
Commission caps
For life insurance products with a savings component, Peter Hodgins of Clyde & Co said different caps apply to the saving and protection elements:
• For the saving component, a cap of 4.5 per cent of the annualised premium per year (which may not exceed 90 per cent of the annualised premium over the policy term).
• On the protection component, there is a cap of 10 per cent of the annualised premium per year (which may not exceed 160 per cent of the annualised premium over the policy term).
• Indemnity commission, the amount of commission that can be advanced to a product salesperson, can be 50 per cent of the annualised premium for the first year or 50 per cent of the total commissions on the policy calculated.
• The remaining commission after deduction of the indemnity commission is paid equally over the premium payment term.
• For pure protection products, which only offer a life insurance component, the maximum commission will be 10 per cent of the annualised premium multiplied by the length of the policy in years.
Disclosure
Customers must now be provided with a full illustration of the product they are buying to ensure they understand the potential returns on savings products as well as the effects of any charges. There is also a “free-look” period of 30 days, where insurers must provide a full refund if the buyer wishes to cancel the policy.
“The illustration should provide for at least two scenarios to illustrate the performance of the product,” said Mr Hodgins. “All illustrations are required to be signed by the customer.”
Another illustration must outline surrender charges to ensure they understand the costs of exiting a fixed-term product early.
Illustrations must also be kept updatedand insurers must provide information on the top five investment funds available annually, including at least five years' performance data.
“This may be segregated based on the risk appetite of the customer (in which case, the top five funds for each segment must be provided),” said Mr Hodgins.
Product providers must also disclose the ratio of protection benefit to savings benefits. If a protection benefit ratio is less than 10 per cent "the product must carry a warning stating that it has limited or no protection benefit" Mr Hodgins added.
MATCH INFO
What: India v Afghanistan, first Test
When: Starts Thursday
Where: M Chinnaswamy Stadium, Bengalaru
