CBUAE (Central Bank of the United Arab Emirates) has announced to initiate the procedure for regulatory responsibility of the insurance sector pursuant to Decretal Federal Law No. (25) of 2020 where the merger of Insurance Authority was decided.
The Deputy Prime Minister, Minister of Presidential Affairs and Chairman of the CBUAE, Sheikh Mansour Bin Zayed Al Nahyan said:
“The wise leadership is keen on taking the appropriate decisions to enhance the performance and indicators of federal entities through the unification of efforts to achieve the desired results,”
“with a forward-looking vision, specifically given that the banking sector is a key pillar to the UAE economy.”
Sheikh Mansour Bin Zayed Al Nahyan also said that this decision to merge Central Bank of the United Arab Emirates with Insurance Authority is an initiative to convert CBUAE in to one of the top ten central banks globally.
He also expressed his desire in CBUAE to perform its mandate across its core functions, including the regulation and supervision of licensed institutions, ensuring consumer protection and stability in finance in the insurance sector.
The Governor of CBUAE (Central Bank of the United Arab Emirates) Abdulhamid M. Saeed Al Alahmadi, said that giving the CBUAE a broader mandate will ensure that the regulation is applied,
To all the sectors which they regulate like money exchange, insurance, payment service providers and banking.
The banks vision is to build a booming insurance sector that protects the interests and ensures regulation and supervision of the policyholders.
The Central bank confirms that decisions, circulars, regulations and rules issued by the Insurance Authority under the provision of the federal Law No.(6) of 2007 shall continue to apply to all licensed institutions until the rules are regulations are replaced by CBUAE.
The bank also announced that it has conducted the first of its kind cyber attack simulation exercise to test the resilience of the UAE’s banking.
