Emirati Insurance Authority merges with Central Bank

Spread the love

The  Emirati government has taken a decision to merge the Insurance Authority with the Central Bank.

The Emirati government decided to merge the Insurance Authority with the Securities and Commodities Authority (SCA).

The UAE’s Insurance Authority has been has merged with the country’s central bank, Dubai Ruler Sheikh Mohammed bin Rashed Al-Maktoum announced on Twitter.

“Today we issued a decision to merge the Insurance Authority with the Central Bank and transfer all the powers of the Securities and Commodities Authority, operational and executive, to the local stock markets, while the Authority maintains regulation and oversight of the local financial markets,” he said.

This involves transferring all the powers of the Securities and Commodities Authority (SCA) to the local stock markets.

This merger establishes one single regulatory body specialising in the oversight and supervision of the non-bank financial sector comprising the capital market, futures exchanges and the insurance sector.

The purpose of this transaction is to increase the efficiency of the insurance sector and the competitiveness of the Emirati financial markets.

It should be recalled that in July 2020, the government merged the insurance regulatory authority with the Securities and Commodities Authority (SCA).

 

 

Related Post

Leave a Reply

Your email address will not be published. Required fields are marked *