UAE Central Bank cancels registrations of two insurance brokers

Abu Dhabi: The Central Bank of the UAE (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 apex bank said on Wednesday.

“The CBUAE, through its supervisory and regulatory mandates, works to ensure that all insurance companies and professions related to insurance companies, comply with the UAE laws and regulations adopted by the CBUAE, to safeguard the transparency and integrity of the insurance industry and the UAE financial system,” it said in a statement.