iPhone | iPad
Android
Huawei
It will be humid by night and Saturday morning with a probability of mist formation over some coastal areas
KT APPDOWNLOAD
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.
ALSO READ:
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.
More news from
Recent reports note that the incidence of heart attacks among young residents has surged in the country
Dubai crowned one of the best cities for winter holidays; tourists explain why they love the emirate
City is also ranked 6th worldwide with the most sunshine hours per day during the cooler season, earning an impressive score of 8.75
In this exclusive interview, the British-Irish explorer says what the wild has taught him and why he doesn't believe in giving up
From workplace to money matters, know what the stars have in store for you today
Namira Salim will make spaceflight history next month, rendering the nearly two-decade delay worth the wait
Australian star batsman David Warner and Pakistan pace spearhead Shaheen Shah Afridi will play in UAE's IPL-style T20 league in January
A herring, for the uninitiated, is a fish that, if smoked slowly over burning willow branches, turns red and develops a distinctive aroma