Abu Dhabi: The UAE Insurance Authority said on Tuesday it would launch a new set of regulations around insurance policies to govern the banking sector by 2016.

The insurance body is currently working with the UAE Central Bank to draft the regulations. It is also set to launch the regulations for the insurance of vehicles this year, according to Ebrahim Al Zaabi, its director general.

Speaking at a conference in Abu Dhabi on Tuesday, Al Zaabi said that the Authority was in talks with insurance companies to boost regulations on vehicle insurance, and would update its current set of rules later this year.

During the event, Al Zaabi also said that the Authority will be launching a smart application for users during its participation at next week’s Gitex Technology Week. The launch is in line with the government’s initiative to boost services to consumers and increase competitiveness.

With about 38 e-services currently offered via smartphones, the Insurance Authority said it was looking to launch nine more electronic services. It is also looking to launch an app for the Apple watch to allow consumers all-day access to its services.

Earlier this year, the Authority cancelled the licenses of 16 insurance brokers that did not abide by guidelines issued for the insurance sector in late 2013. The cancellations now leave 142 companies still in operations.