The Central Bank of the United Arab Emirates (CBUAE) has revoked the operating license of First Insurance Brokers Company, marking the second insurance firm to face such action in recent weeks due to non-compliance issues.
The decision aligns with the UAE’s stringent regulatory framework aimed at maintaining transparency and integrity within the insurance sector.
As per a report from Gulf News, the cancellation was enacted under Article 22 (2) of the Board of Directors Resolution No.15 of 2013, which pertains to Insurance Brokerage Regulations. As a result, First Insurance Brokers Company’s name has been removed from the official register.
In a statement, the CBUAE emphasised its commitment to supervising and regulating the insurance industry. The central bank’s role is to ensure adherence to UAE laws and regulations by all insurance-related entities, thereby protecting the transparency and integrity of both the insurance industry and the UAE’s financial system, it stated.
The move follows similar action taken last month against Cogent Insurance Broker. In recent times, the CBUAE had given licensed entities sufficient opportunity to update and align their internal processes with compliance requirements, it believes.
The current enforcement measures reflect a more rigorous approach by the regulator, indicating a shift towards stricter compliance and regulatory oversight in the UAE’s insurance sector.
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