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UAE Central Bank bans insurance firm from issuing new policies for violating laws
Second company in a week to be penalised for not adhering to local regulations
The Central Bank of the UAE (CBUAE) on Thursday announced that it had imposed an administrative sanction on an insurance company for failure to meet its regulatory obligations.
Starting from May 18, 2022, the regulator prohibited the company from issuing additional insurance policies to new customers for one year.
This is the second company that has been penalised for not adhering to local regulations and guidelines this week.
On Tuesday, the Central Bank had announced the imposition of administrative and financial sanctions on a finance company operating in the UAE for not adhering to the rules and regulations of the regulator.
The regulator said it ensures that all insurance companies operating in the UAE abide by UAE laws, regulations and standards to safeguard the transparency and integrity of the insurance business and enhance the efficiency of the UAE insurance system.
However, the Central Bank didn't reveal the insurance company's name.
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In addition, CBUAE instructed the company to remedy its Solvency Capital Requirements within nine months from the notification date.
According to Badri Consultancy, the listed insurance companies in UAE saw an increase in topline of seven per cent in the first quarter of 2022 compared to the first quarter of 2021.
The total premiums written by listed insurance companies in UAE aggregated to Dh9.4 billion for the first quarter of 2022 compared to Dh8.8 billion in the corresponding period of 2021.
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