The government has announced its decision to merge the Insurance Authority with the Securities and Commodities Authority, to form a single financial services regulator.
On completion of the merger, there will be a unified regulatory body specialising in the oversight and supervision of the non-bank financial sector, that includes the capital market, futures exchanges and the insurance sector.
Sheikh Mohammed bin Rashid, Vice President, Prime Minister and Ruler of Dubai, outlined the move on 5 July as he selected a new Cabinet.
The merger of the financial regulators is part of a new efficiency drive of the government that involves the consolidation of a number of government agencies. This includes closing down of half of all government service centres that serve the public the next two years and their services transformed into digital portals.
The UAE Ministry of Justice issued in September 2019 a resolution to form a 10-member committee to to lay the ground for the merger of the two regulators. The committee was to prepare the necessary legislation for effecting the merger and identify the implications of the move.