UAE Central Bank penalises insurance company

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UAE Central Bank penalises insurance company

The Central Bank of the UAE has imposed a penalty on an insurance company operating in the UAE for violations of the law on insurance operations. The insurance company, which was not named, was given an administrative sanction on Thursday (June 16). Last month, the Central Bank of the UAE prohibited the company from issuing additional insurance policies to new customers within one year from May 18. The authority said that the insurance company “failed to meet its regulatory obligations”. The Central Bank also instructed the company to remedy its Solvency Capital Requirements within nine months. Through its supervisory and regulatory mandates, the Central Bank works to ensure that all insurance companies operating in the UAE abide by the UAE laws, regulations and standards. ICA/Expat Media

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