First Insurance Brokers' license cancelled by UAE Central Bank for non-compliance
First Insurance Brokers failed to measure up on compliance matters, says Central Bank
Dubai: The UAE central Bank has cancelled the license of a second insurance firm in recent weeks over non-compliance in their operations. The entity impacted is the First Insurance Brokers Company.
Its name has been struck off from the Register, 'pursuant to Article 22 (2) of the Board of Directors Resolution No.15 of 2013 Concerning Insurance Brokerage Regulations'.
"The CBUAE, through its supervisory and regulatory mandates, works to ensure that all insurance companies and professions related to insurance companies, comply with the UAE laws and regulations adopted, to safeguard the transparency and integrity of the insurance industry and the UAE financial system," the regulator said in a statement.
Last month, the regulator had done same with Cogent Insurance Broker. Through the recent past, the central bank had provided licensed entities the time to bring their internal processes up to scratch on the compliance side. The crackdown now shows that these are now backed up by tough enforcement measures.