UAE Central Bank cancels registrations of two insurance brokers

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 and integrity of the insurance industry and the UAE’s financial system, it said.

Last month, the regulator announced the removal of the board of directors of an insurance company and replaced it with a temporary committee of experts for six months for not adhering to local laws.

In the same month, it imposed administrative sanctions on eight banks operating in the UAE. The banks had failed to comply with the CBUAE’s instructions not to grant any credit facilities to the beneficiaries of loans granted by the Nationals Defaulted Debts Settlement Fund (NDDSF).

• World Bank hikes UAE’s 2024 growth forecast by 1.1% to 3.4%