The UAE has taken a decision to merge the Insurance Authority with the UAE Central Bank.
According to Arabiyanet, Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, said on Twitter that all the powers of the Securities Commission will also be transferred. And operational and operational commodities for the local stock markets, while the authority maintains regulation and oversight over the local financial markets.
He explained that the new economic regulation in the country aims to raise the efficiency of the insurance sector, raise the efficiency and competitiveness of our local financial markets, and give them greater flexibility in their business.
The bank will protect the rights of the insured and the beneficiaries of the insurance business and monitor the financial solvency of insurance companies, in order to provide insurance cover sufficient to protect these rights, and it also works to raise the performance of insurance companies Its efficiency and its commitment to the rules and ethics of the profession to increase its ability to provide better services to the beneficiaries of insurance and to achieve positive competition between them.
