“The CBUAE, through its supervisory and regulatory mandates, works to ensure that all insurance companies and professions related to insurance companies, comply with the UAE laws and regulations adopted, to safeguard the transparency and integrity of the insurance industry and the UAE financial system,” the regulator said in a statement.
Last month, the regulator had done same with Cogent Insurance Broker. Through the recent past, the central bank had provided licensed entities the time to bring their internal processes up to scratch on the compliance side. The crackdown now shows that these are now backed up by tough enforcement measures.