UAE Central Bank cancels registration of two insurance firms

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