UAE Central Bank cancels registration of two insurance firms

Wednesday, 7 June 2023 11:39

By ARN News Staff

The UAE Central Bank (CBUAE) has struck off Seagull Insurance Services Co. and Al Shorafa Insurance Services from the broker registry.

Taking to their official social media channels, the CBUAE said the move was "in accordance with the applicable insurance brokers’ regulation" without specifying any details.

The CBUAE said it works to ensure that all insurance companies and brokers, comply with the UAE laws and regulations to safeguard the transparency and integrity of the UAE financial system.

The #CentralBankUAE (CBUAE) has cancelled the registrations of Seagull Insurance Services Co. and Al Shorafa Insurance Services from the insurance broker register, in accordance with the applicable insurance brokers’ regulation.

The CBUAE, through its supervisory and regulatory…
— Central Bank of the UAE (@centralbankuae) June 7, 2023

More from Business

Dubai Business Forum – China to be held in Shenzhen in October

Dubai Chambers will host the Dubai Business Forum – China in Shenzhen on October 14, bringing together government officials, business leaders and investors from the two markets.
UAE-BRICS non-oil trade tops $312 billion

UAE Minister of Foreign Trade Dr Thani bin Ahmed Al Zeyoudi has taken part in a meeting of BRICS trade ministers in Jaipur, India, focused on strengthening trade and economic cooperation between member countries.
ADNOC affirms commitment to meeting customer requirements despite challenges

ADNOC says it remains focused on meeting customer needs despite challenging circumstances, following unprovoked attacks targeting its people and assets.
Meta ordered to pay $567 million in New Mexico for teen mental health fund

A New Mexico state court ordered Meta on Thursday to pay $567 million into a teen mental health fund and change how its platforms function for young users after finding the company is to blame for harming children's wellbeing.