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CBUAE imposes administrative sanction on insurance coverage firm working in nation – Emirates Information Company

Thu 16-06-2022 10:27 AM
ABU DHABI, sixteenth June, 2022 (WAM) — The Central Financial institution of the UAE (CBUAE) has imposed an administrative sanction on an Insurance coverage Firm working within the UAE, pursuant to the Federal Legislation No.6 of 2007 on the Organisation of Insurance coverage Operations, as amended.
On 18th Might 2022, the CBUAE imposed a prohibition on the insurance coverage firm from issuing extra insurance policies to new prospects for one 12 months from the date of the notification, because of its failure to fulfill its regulatory obligations.
As well as, the CBUAE instructed the corporate to treatment its Solvency Capital Necessities inside 9 months from the notification date, pursuant to the Legislation.
By its supervisory and regulatory mandates, the CBUAE works to make sure that all insurance coverage firms working within the UAE abide by the UAE legal guidelines, laws and requirements adopted by the CBUAE to safeguard the transparency and integrity of the insurance coverage enterprise and improve the effectivity of the UAE insurance coverage system.

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