The administrative sanction followed the findings of an examination conducted by the CBUAE in April 2022. Image: Shutterstock
The Central Bank of the UAE (CBUAE) imposed an administrative sanction on an insurance company operating in the UAE.
The sanction is pursuant to Article 33 (2) (a) of the Federal Decree-Law No. (48) of 2023 regarding ‘Regulation of Insurance Activities’.
The name of the insurance company is not disclosed.
The administrative sanction followed the findings of an examination conducted by the CBUAE in April 2022, which revealed that the insurance company had deficiencies in its regulatory policies and procedures, in violation of the guidance on the personal data that can be collected for insurance policies.
Accordingly, the apex bank imposed a warning on the insurance firm in relation to the activity and a direction that the insurance company refrain from such activity.
The UAE central bank, through its supervisory and regulatory mandates, works to ensure that all insurance companies, their owners and staff abide by the UAE laws, regulations and standards adopted by the bank.
This is to safeguard the transparency and integrity of the insurance sector and the UAE financial system.
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