The Central Bank of the UAE (CBUAE) has issued an administrative penalty against an insurance company operating within the UAE, in accordance with Article 33 (2) (a) of Federal Decree-Law No. (48) of 2023, which governs the Regulation of Insurance Activities.
This penalty follows an investigation conducted by the CBUAE, which uncovered that the insurance company had shortcomings in its regulatory policies and procedures, breaching the Guidance on the Personal Data that may be collected for Insurance Policies, dated 18th April 2022.
As a consequence, the CBUAE has issued a warning to the insurance company concerning its activities and has directed the company to cease such practices.
Through its supervisory and regulatory responsibilities, the CBUAE strives to ensure that all insurance companies, along with their owners and employees, comply with UAE laws, regulations, and the standards set by the CBUAE to maintain the transparency and integrity of the insurance sector and the UAE financial system.
