UAE Insurance Industry to Merge into the Central Bank of the United Arab Emirates
Posted on 10/25/2020
Dubai’s ruler Sheikh Mohammed bin Rashid al-Maktoum has ruled to merge the country’s Insurance Authority into the Central Bank of the United Arab Emirates.
In addition, the decision transfers all operational and executive powers of the Securities and Commodities Authority (SCA) to the local stock markets, while the SCA maintains regulation and oversight of the local financial markets. The Securities and Commodities Authority is a UAE entity established based on the federal decree No. in 2000.