CBUAE Sanctions UAE Insurance Company for Regulatory Non-Compliance

UAE, 12 August, 2024 : The Central Bank of the UAE (CBUAE) has imposed an administrative sanction on a UAE-based insurance company due to regulatory deficiencies. This action follows an examination that revealed the company's failure to comply with the CBUAE’s Guidance on Personal Data Collection for Insurance Policies, issued on 18 April 2022.

The sanction, in line with Article 33 (2) (a) of the Federal Decree-Law No. (48) of 2023 on Insurance Activities Regulation, includes a formal warning and a directive to cease the non-compliant activities.

The CBUAE remains committed to ensuring that all insurance companies operating in the UAE adhere to the nation’s laws and regulations, safeguarding the transparency and integrity of the insurance sector and the broader financial system.

Source : www.centralbank.ae