UAE Central Bank revokes licence of insurance broker

The Central Bank of the UAE (CBUAE) has taken action against an insurance broker that failed to comply with its regulatory obligations.

The authority revoked the licence of Cogent Insurance Broker and struck its name off the register after examinations revealed that the firm had a weak compliance framework.

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

The #CentralBankUAE has revoked the license of Cogent Insurance Broker operating in the #UAE and struck its name off of the register due to a weak compliance framework and failure to comply with its regulatory obligations.

— Central Bank of the UAE (@centralbankuae) December 14, 2023