Today's Edition
ABU DHABI (WAM)
The Central Bank of the UAE (CBUAE) suspended the motor insurance business of a foreign insurance company’s branch (insurer), pursuant to Articles (33) and (44) of Federal Decree Law No. (48) of 2023 Regulating Insurance Activities.
The insurer remains liable for all rights and obligations arising from insurance contracts concluded before the suspension.
This action comes as a result of the entity’s failure to comply with the solvency and guarantee requirements, specified in the Law and prevailing regulations governing insurance companies in the UAE.
The CBUAE, through its supervisory and regulatory mandates, endeavours to ensure that all insurers, their owners and staff comply with the UAE laws, regulations and standards established by the CBUAE to maintain transparency and integrity of the insurance sector and safeguard the UAE financial ecosystem.
