The Central Bank of the United Arab Emirates (CBUAE) has cracked down on an insurance company operating in the UAE for failing to meet its regulatory requirements.
According to a statement, the CBUAE imposed a ban on the insurance company on May 18 from issuing additional policies to new customers for one year from the date of the notification.
In addition, the CBUAE instructed the company to remedy its "Solvency Capital Requirements" within nine months from the notification date, in respect of the legislation.
Through its supervisory and regulatory mandates, the CBUAE works to ensure that all insurance companies operating in the UAE abide by the UAE laws, regulations and standards adopted by the CBUAE to safeguard the transparency and integrity of the insurance business and enhance the efficiency of the UAE insurance system.
The latest sanctions follow an announcement of a finance company working in the UAE that also faced punishments after being found to violate regulatory procedures.
CBUAE imposes administrative sanction on insurance company operating in country#WamNews https://t.co/WZXlxapp7Q pic.twitter.com/D2IepnYXb4
— WAM English (@WAMNEWS_ENG) June 16, 2022
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