UAE Central Bank cancels registrations of two insurance brokers

UAE Central Bank cancels registrations of two insurance brokers

The CBUAE, through its supervisory and regulatory mandates, works to ensure that all insurance companies comply with the relevant laws

Published: Wed 7 Jun 2023, 11:11 AM Last updated: Wed 7 Jun 2023, 11:33 AM

The Central Bank of the UAE (CBUAE) has cancelled the registrations of two insurance service providers. The regulator identified the firms as Seagull Insurance Services Co. and Al Shorafa Insurance Services and said the cancellation was done in “accordance with the applicable insurance brokers’ regulations”.

It did not specify a reason for the move.

The CBUAE, through its supervisory and regulatory mandates, works to ensure that all insurance companies comply with the relevant laws. These regulations safeguard the transparency and integrity of the insurance industry and the UAE’s financial system, it said in a statement.The Central Bank of the UAE (CBUAE) has cancelled the registrations of two insurance brokers. The regulator identified the firms as Seagull Insurance Services Co. and Al Shorafa Insurance Services and said the cancellation was done in “accordance with the applicable insurance brokers’ regulations”. It did not provide any further details.

The CBUAE, through its supervisory and regulatory mandates, works to ensure that all insurance companies comply with the relevant laws. These regulations safeguard the transparency