UAE Central Bank revokes insurance company licence

The Central Bank of the UAE (CBUAE) has revoked the licence and registration of Smart and Secure Insurance Agent (Smart and Secure), a company operating in the country.

It said it had imposed the sanction due to the agent's weak compliance framework and failure to meet regulatory obligations.

The CBUAE, through its supervisory and regulatory mandates, works to ensure that all companies and professionals abide by the UAE laws, regulations and standards to safeguard the transparency and integrity of the insurance industry and the UAE’s financial system.

Central Bank of the UAE revokes licence and registration of 'Smart and Secure Insurance Agent' due to its weak compliance framework and failure to meet regulatory obligations #WamNews https://t.co/9pvuLFZQay pic.twitter.com/4mbjlwrZ6S

— WAM English (@WAMNEWS_ENG) February 6, 2024