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UAE merges Insurance Authority with Central Bank

The restructuring aims to raise the efficiency of the insurance sector and the competitiveness of the local financial markets. (Shutterstock)
The restructuring aims to raise the efficiency of the insurance sector and the competitiveness of the local financial markets. (Shutterstock)
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24 Oct 2020 06:10:47 GMT9
24 Oct 2020 06:10:47 GMT9
  • The restructuring aims to raise the efficiency of the insurance sector and the competitiveness of the local financial markets

DUBAI: 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.

The restructuring aims to raise the efficiency of the insurance sector and the competitiveness of the local financial markets, Al-Maktoum added.
“Our government will remain flexible, supportive and fast in making appropriate economic decisions,” he said in another tweet.

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