The Central Bank of the United Arab Emirates (CBUAE) has taken decisive action by revoking the operating license of First Insurance Brokers Company, marking the second instance of such measures within recent weeks due to non-compliance issues.
This regulatory move aligns with the UAE’s stringent regulatory framework, underscoring the commitment to upholding transparency and integrity within the insurance sector. The decision to cancel the operating license of First Insurance Brokers Company was executed under Article 22 (2) of the Board of Directors Resolution No.15 of 2013, specifically addressing Insurance Brokerage Regulations. Consequently, the company’s name has been expunged from the official register.
According to a report by Gulf News, the Central Bank’s emphasis on regulatory supervision and its commitment to overseeing the insurance industry were reiterated in an official statement. The CBUAE’s role is pivotal in ensuring the adherence of all insurance-related entities to UAE laws and regulations, safeguarding both the transparency and integrity of the insurance industry and the broader financial system of the UAE.
This recent action follows a similar move taken against Cogent Insurance Broker last month. The Central Bank asserts that licensed entities were provided ample opportunity to update and align their internal processes with compliance requirements, signaling a proactive approach to enforcement.
The current stringency in enforcement measures reflects a broader shift toward heightened compliance and regulatory oversight within the UAE’s insurance sector. The CBUAE’s commitment to maintaining the integrity of the financial system suggests a robust stance in fostering a compliant and transparent landscape within the country’s insurance industry.
