UAE: Central Bank Warns Insurance Firm For Deficient Policies, Procedures
Date
8/12/2024 5:22:07 AM
(MENAFN- Khaleej Times)
The Central bank of the UAE (CBUAE) on Monday issued a warning on an insurance company after an investigation found deficiencies in its regulatory policies and procedures.
The regulator announced that the investigation found the insurance company was violating the 'Guidance on the Personal Data' that the company collects for insurance policies.
Without disclosing the name of the company, the Central Bank warned the insurance firm to henceforth refrain from such activity.
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The regulator stressed that it aims to ensure that all insurance companies, their owners and staff abide by UAE laws, regulations and standards to safeguard the transparency and integrity of the insurance sector and the country's financial system.
The Central Bank last month revoked the licence of Galaxy Insurance Broker (Galaxy) and struck its name off the register after investigation findings conducted by the CBUAE revealed that Galaxy Insurance Broker had weak compliance and failed to comply with the regulatory obligations.
Earlier this month, the UAE Central Bank imposed a financial sanction of Dh5.8 million on a bank operating in the UAE for not adhering to anti-money laundering and combating the financing of terrorism (AML/CFT) laws of the country.
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