Monday, Sep 26, 2016

Dubai: The Dubai Financial Services Authority (DFSA) said it has imposed a fine of Dh312,650.97 ($85,191) on Clements (Dubai) Ltd (CDL) after the regulator found out the company engaged in prohibited insurance practices.

The DFSA discounted the amount of the fine imposed on CDL after taking into consideration CDL’s initiative to self-report the misconduct to the DFSA, take steps to remediate its deficiencies and cooperate fully with the DFSA’s investigation, the regulator said in a statement.

“The DFSA will take appropriate action against firms in the DIFC that engage in any unlicensed insurance activities,” Ian Johnston, Chief Executive of the DFSA said in a statement. Intermediating direct insurance in the UAE is prohibited.

Staff Report

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