The insurance company operating in the UAE has been subject to an administrative sanction by CBUAE.

The Central Bank of the UAE (CBUAE) has imposed an administrative sanction on an insurance company operating in the UAE, in accordance with Article 33(2)(a) of Federal Decree-Law No. 48 of 2023, which regulates insurance activities.

The sanction comes as a result of an examination conducted by the CBUAE, which revealed that the insurance company had deficiencies in its regulatory policies and procedures, violating the Guidance on the Personal Data that can be collected for Insurance Policies dated 18th April 2022.

Consequently, the CBUAE has issued a warning to the insurance company regarding its activities and has directed the company to refrain from such conduct.

The CBUAE, through its supervisory and regulatory mandates, works to ensure that all insurance companies, their owners, and staff comply with UAE laws, regulations, and standards established by the CBUAE to uphold the transparency and integrity of the insurance sector and the UAE financial system.