State owned enterprise, General Insurance Corporation of India (GIC Re), has put its Dubai branch into run off mode after failing to renew its license from the Dubai authorities.
The reinsurer will now run the Dubai business from GIFT City, India.
GIC Re stated: “During the quarter ended June 21, GIC Re decided to place its Dubai branch into run off because of non-renewal of license by Dubai authority, non-compliance in solvency requirement etc.”
The board of GIC Re also accorded its approval and to carry out suitable statutory requirements if any on July 7, 2021 by a circular resolution.
UAE’s Insurance Authority merged with the Central Bank of the UAE earlier this year.
“Effective July 3, 2021, the Dubai branch of GIC Re will no longer underwrite business under its operations. However, the branch will continue to service the underwriting and claims run off from the business underwritten prior to July 3,” GIC Re said in a letter to its business partners.