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.

The CBUAE's move is in accordance with the applicable insurance brokers’ regulation.

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, the central bank said in a statement.

(Writing by Seban Scaria; editing by Daniel Luiz)