The Financial Regulatory Authority (FRA) has issued a Decision setting out professional rules and standards governing the registration and practice of insurance and reinsurance brokerage activities.
Union Insurance Company will be reducing its capital by 30.50% to AED230m ($62.63m) from AED330.93m to offset accumulated losses amounting to AED142.75m, the company said in a statement lodged with the Abu Dhabi Securities Exchange.