UAE Central Bank cancels another insurance broker’s registration

The Central Bank of the UAE (CBUAE) on Thursday cancelled the registration of Al Fazaa Insurance Agent.

This is the second time such a decision was taken this week. On Tuesday, the regulator cancelled the registration of BH Insurance Brokerage.

The Central Bank said Al Fazaa Insurance Agent’s registration was cancelled in accordance with the provisions regulating the insurance agents' businesses.

“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 by the CBUAE, to safeguard the transparency and integrity of the insurance industry and the UAE financial system,” it said.

The authority has been regulating the sector since its merger with the UAE Insurance Authority in October 2020.

A week ago, the CBUAE released new guidelines on anti-money laundering and combatting the financing of terrorism for companies operating in the insurance sector — including insurers, re-insurers, agents, and brokers.

All companies in the insurance sector must demonstrate compliance with its requirements within one month, it said, adding that firms must perform customer due diligence; understand the nature of the customer’s business and the nature and purpose of the operator’s relationship with the customer; including the expected uses to which the customer will put the operator’s products or services, and subject all customers to ongoing monitoring throughout the business relationship.

waheedabbas@khaleejtimes.com

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