Dubai: The Central Bank of the UAE (CBUAE) has cancelled the registrations of two insurance service providers. The CBUAE has cancelled the registrations of Seagull Insurance Services Co. and Al Shorafa Insurance Services. The CBUAE did not specify a reason for the move.
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Last month, the CBUAE announced the removal of the board of directors of an insurance company and replaced it with a temporary committee of experts for six months for not adhering to local laws. It also imposed administrative sanctions on eight banks operating in the UAE. The sanctions were imposed as these banks had failed to comply with the CBUAE’s instructions not to grant any credit facilities to the beneficiaries of loans granted by the Nationals Defaulted Debts Settlement Fund (NDDSF).
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