The UAE: Insurance and Capital Market Regulators to Merge

The Government of the United Arab Emirates (UAE) announced the merger of the Insurance Authority (IA) and the Securities and Commodities Authority (SCA) as part of a wider simplification of the Federal Government's structure. According to Sheikh Mohammed bin Rashid Al Maktoum, the Prime Minister of UAE and Ruler of Dubai, who announced the merger of the regulators under the Ministry of Economy on the 5th of July 2020, the aim of the merger would help the Government make decisions and deal with changes faster, adding that continuous changes would be the forefront of the new Government.

The confirmation came after the UAE Ministry of Justice established a 10-member committee that included members of the SCA, the IA and ot...