The financial authorities have cancelled 74 licenses of brokerage companies in the United Arab Emirates

The financial authorities have established new criteria to bring insurance market standards closer to those of most advanced countries.
To do so, a 2006 decree set the minimum capital of a brokerage firm at 1 million AED (272 310 USD), the bank guarantees necessary for a reinsurance brokerage activity to 1 million AED (272 310 USD) for the head office and 500 000 AED (136 155 USD) for each branch.
A three-year deadline has been set for the brokers to comply with the new instructions.
As this grace period came to an end, the supervisory authorities decided to withdraw the licenses of 74 brokers who failed to respect the new regulations. Following this move, the number of operating brokers amounts to 135.