The UAE government announced yesterday it has merged the Insurance Authority (IA) with the Gulf state's central bank. The sudden merger, which took many in the insurance sector by surprise, was confirmed via Twitter by Dubai's ruler, Sheikh Mohammed bin Rashed Al-Maktoum. Al-Maktoum said: "The new economic organisation in the country aims at raising the efficiency of the insurance sector and raising the efficiency and competitiveness of our local financial markets and giving them greate...
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