The Central Bank of the UAE (CBUAE) announced on Friday that it has officially cancelled the licence of Al Khazna Insurance Company, citing the firm’s failure to meet the regulatory conditions required to operate during the suspension of its licence.
This action was taken in accordance with Article 33 of Federal Decree Law No. (48) of 2023, which governs insurance-related activities across the country.
According to the Central Bank, the licence was revoked following an investigation which found that Al Khazna had not fulfilled obligations outlined in the Insurance Law, nor complied with other regulatory directives issued by the CBUAE during the licence suspension period.
In line with its supervisory responsibilities, the CBUAE continues to monitor and enforce compliance among all insurance firms and related entities, aiming to uphold the legal, regulatory and ethical standards that protect the stability and integrity of the UAE’s insurance sector and broader financial system.
Earlier in March, the Central Bank levied a fine of AED2.62 million on two insurance providers and five banking institutions for violations related to tax compliance regulations.
The UAE has increasingly tightened its oversight of financial, banking, and insurance entities to ensure strict adherence to both domestic legislation and international regulatory frameworks.
