The Central Bank of the United Arab Emirates (CBUAE) has revoked the operational license of First Insurance Brokers Company, marking the second insurance firm to face such action in recent weeks due to non-compliance issues.
The decision is in line with the UAE’s rigorous regulatory framework aimed at upholding transparency and integrity within the insurance sector.
According to a report from Gulf News, the cancellation was carried out under Article 22 (2) of the Board of Directors Resolution No.15 of 2013, which relates to Insurance Brokerage Regulations. Consequently, First Insurance Brokers Company’s name has been removed from the official register.
In a statement, the CBUAE underscored its commitment to supervising and regulating the insurance industry. The central bank’s role is to ensure that all insurance-related entities adhere to UAE laws and regulations, safeguarding the transparency and integrity of both the insurance industry and the UAE’s financial system, it stated.
This move follows a similar action taken last month against Cogent Insurance Broker. The CBUAE had provided licensed entities with ample opportunity to update and align their internal processes with compliance requirements in recent times, it believes.
The current enforcement measures indicate a more stringent approach by the regulator, signaling a shift towards increased compliance and regulatory oversight in the UAE’s insurance sector.
