The Central Bank imposes an administrative penalty on an insurance company operating in the country

The Central Bank of the United Arab Emirates imposed an administrative penalty on an insurance company operating in the country, in accordance with Federal Law No. /6/ of 2007 regarding the regulation of insurance business, and its amendments.

On May 18, 2022, the Central Bank suspended the insurance company from providing services for issuing additional documents to new customers for a year from the date of the notification, and the imposition of the penalty comes as a result of the insurance company’s failure to fulfill its regulatory and supervisory obligations.

The Central Bank also instructed the company to address the solvency requirements within nine months from the date of the notification in accordance with the law.

The Central Bank, through its supervisory and supervisory functions, works to ensure that all insurance companies licensed and operating in the UAE comply with the laws and legislations in force in the country and the regulations and standards approved by it, with the aim of maintaining the transparency and integrity of the insurance business and enhancing the efficiency of the insurance system.

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