UAE Cancels First Insurance Licence
The UAE has cancelled the licence of an insurance company in the country due to regulation breaches.
The Central Bank of the UAE cancelled the licence of First Insurance Brokers Company (First Insurance), an insurance company operating in the country and struck its name off the Register, pursuant to Article 22 (2) of the Board of Directors Resolution No.15 of 2013 Concerning Insurance Brokerage Regulations.
The sanction comes as a result of the Central Bank’s decision following the company’s non-compliance with the requirements of Article (9) of the aforementioned regulation.
CBUAE cancels First Insurance
The Central Bank, through its supervisory and regulatory mandates, works to ensure that all insurance companies and professions related to insurance companies, comply with the country’s laws and regulations, to safeguard the transparency and integrity of the insurance industry and the United Arab Emirate’s financial system.
