Two Insurance Companies Lose Authorization in UAE for Non-Compliance

Dubai: The authorization of two insurance companies has been revoked in the UAE. The Central Bank informed that the registration of insurance companies has been cancelled. According to reports, the reason for canceling the approval was non-compliance.

The UAE Central Bank has taken action against Seagull Insurance Services and Al Shorafah Insurance Services. The central bank has not released more details about the violations committed by these insurance brokerage firms. Rigorous inspections are underway to ensure that insurance companies comply with the law. The bank pointed out that the regulations are to ensure transparency in the insurance sector. Last year, action was taken against two insurance companies that failed to comply with the law. Last month, the board of directors of an insurance company was expelled for six months. Officials warned that all financial institutions should follow the laws and regulations of the country for transparency in the financial sector.

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