UAE merges insurance authority with central bank

  • Date: 24-Oct-2020
  • Source: Gulf Insider
  • Sector:Economy
  • Country:UAE
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UAE merges insurance authority with central bank

The UAE has taken a decision to merge the Insurance Authority with the central bank, HH Sheikh Mohammed bin Rashid Al Maktoum said on Saturday.

The decision transfers all operational and executive powers of the Securities and Commodities Authority to the local stock markets, while the SCA maintains regulation and oversight of the local financial markets, Sheikh Mohammed said in a tweet.