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 News

UK's Jaguar Land Rover to halt US shipments over tariffs

Jaguar Land Rover will pause shipments of its Britain-made cars to the United States for a month, it said on Saturday, as it considers how to mitigate the cost of President Donald Trump's 25% tariff.
US starts collecting Trump's new 10% tariff

U.S. customs agents began collecting President Donald Trump's unilateral 10% tariff on all imports from many countries on Saturday, with higher levies on goods from 57 larger trading partners due to start next week.
Nasdaq set to confirm bear market as Trump tariffs trigger recession fears

The tech-heavy Nasdaq Composite index was set to confirm it was in a bear market on Friday, down more than 20 per cent from a recent record high, as investors fled riskier assets on fears that tariffs imposed by President Donald Trump could spark a trade war and tip the global economy into recession.
Dana Gas and Crescent Petroleum exceed 500M boe in Khor Mor field

UAE-based Dana Gas and Crescent Petroleum, alongside their partners in the Pearl Petroleum consortium, have said the cumulative production from their Khor Mor project, the largest non-associated gas field in Iraq, has exceeded 500 million barrels of oil equivalent (boe).