CBUAE commences procedures for Insurance Authority merger

CBUAE commences procedures for Insurance Authority merger

The Central Bank of the UAE (CBUAE) has announced the commencement of operational procedures aimed at assuming the supervisory and regulatory responsibility of the insurance sector pursuant to Decretal Federal Law No. (25) of 2020 whereby the merger of the Insurance Authority into the Central Bank was decided.

Sheikh Mansour Bin Zayed Al Nahyan, Deputy Prime Minister, Minister of Presidential Affairs and Chairman of the CBUAE, said, "The wise leadership is keen on taking the appropriate decisions to enhance the performance and indicators of federal entities through the unification of efforts to achieve the desired results with a forward-looking vision, specifically given that the banking sector, is a key pillar to the UAE economy.“

He added that the decision to merge the Insurance Authority into the UAE Central Bank is part of a bigger initiative to transform the CBUAE into one of the top 10 central banks globally.

Sheikh Mansour expressed his confidence in CBUAE to perform its mandate across its core functions, including the supervision and regulation of licensed institutions ensuring