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The UAE’s Central Bank (CBUAE) has cancelled the licence of First Insurance Brokers Company, an insurer operating in the UAE, and struck its name from the register for failing to comply with an Insurance Authority Board of Directors resolution.
The bank said First Insurance had not complied with Article 9 of Resolution 15 of 2013, under which companies must renew their licence every year, applying one month prior to licence expiry.
Article 22 of Resolution 15 allows the insurance authority to cancel an insurer’s licence for reasons including failure to renew a licence.
The bank said: “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.”
(Writing by Imogen Lillywhite; editing by Daniel Luiz)
