Merger between the insurance authority and the Central Bank of UAE

Central Bank of the United Arab EmiratesThe Central Bank of the United Arab Emirates announced that it has started the operational procedures to merge the Insurance Authority into the UAE Central Bank.

The project is part of the program aiming at transforming the Central Bank into one of the top ten central banks in the world.

The Central Bank will now assume the supervisory and regulatory responsibility of the insurance sector. It will also monitor the financial solvency of insurance companies, ensure ethical conduct of firms, and protect the rights of the insured.

Read also | UAE insurance market

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