Chaired by Mohammed bin Rashid .. The Cabinet issues a decision to merge the Insurance Authority with the Central Bank

The Council of Ministers headed by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, approved the issuance of a federal law decree amending some of the central bank's functions and merging the insurance authority with the bank, and a federal law decree regarding the distribution of competencies and powers between the Securities Commission And commodities, and the licensed stock and commodity markets in the country, so that the operational and executive powers of the Securities and Commodities Authority will be transferred to these markets.

The two decisions come in light of government efforts to enhance the performance of financial institutions in the country and support the work of these institutions through continuous updating of the relevant legislative frameworks, in a way that contributes to developing the financial sector and achieving financial growth and stability, and granting financial markets operational and executive powers that help them raise the level of market performance. .

And the detailed text of the decree regarding the amendment of the functions of the Central Bank to merge the Insurance Authority with the Central Bank, and transfer all the powers of the Authority to be within the competencies of the bank, so that the Central Bank works to provide the appropriate environment to develop and enhance the role of the insurance industry in supporting the national economy, encouraging fair and effective competition and providing the best insurance services Competitive prices and coverage.

The decree-law also added to the functions of the Central Bank to regulate, develop and supervise the insurance sector and business, to propose and implement the regulating legislation in its regard, and to receive requests for establishing and opening branches and representative offices of insurance and reinsurance companies, insurance agents and related professions, and issuing the necessary licenses for them in accordance with the regulating legislation in their regard.

In addition, the bank protects the rights of the insured and the beneficiaries of the insurance business and monitors the financial solvency of insurance companies, in order to provide adequate insurance cover to protect these rights, and it also works to raise the performance and efficiency of insurance companies and bind them to the rules of practicing the profession and its ethics to increase their ability to provide better services to the beneficiaries of the insurance And achieve positive competition between them.

In the same context, the Council of Ministers headed by His Highness Sheikh Mohammed bin Rashid Al Maktoum issued a decree regarding the distribution of competencies and powers between the Securities and Commodities Authority, and the securities and licensed commodity markets in the country.

The Decree-Law stipulates the transfer of all operational and executive powers and competencies of the Securities and Commodities Authority to the securities and commodity markets licensed in all the state, and the Securities and Commodities Authority retaining the authority to regulate, monitor and supervise the securities and commodity markets operating in the state.

In order to implement its provisions, the Decree-Law allowed the boards of directors of the securities and commodities markets, and market managers, to undertake the operational and executive functions that were prescribed to the board of directors of the Securities and Commodities Authority, and the CEO of the Authority, in the regulations issued by them and according to the circumstances.

The decree stipulated that the Securities and Commodities Authority must coordinate with the markets, each within the limits of its competence, to transfer all regulations and data related to the market’s implementation of the competencies entrusted to it under the provisions of this Decree-Law

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