UAE Central Bank Cancels Licence Of Al Khazna Insurance Company

The Central Bank of the UAE (CBUAE) on Friday announced that it had revoked the licence of Al Khazna Insurance Company for failing to meet the licensing requirements necessary to conduct insurance business during the period of suspension of its licence.

The decision by the regulator was taken under Article 33 of Federal Decree Law No. (48) of 2023 regulating Insurance Activities.

The Central Bank said Al Khazna's licence was revoked after an investigation revealed that the company“failed to comply with requirements set out in the Insurance Law and other regulatory requirements imposed by the CBUAE, during the period of suspension of its license.”

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The CBUAE, through its supervisory and regulatory mandates, works to ensure that all insurance companies and insurance-related professions abide by the UAE laws, regulations and standards adopted by the CBUAE to safeguard the transparency and integrity of the insurance sector and the UAE financial system.

In March, the Central Bank imposed a Dh2.62 million fine on two insurance companies and five banks for failing to follow tax compliance standards.

The UAE has imposed tighter controls around banking, finance and insurance companies to ensure that they fully comply with the local laws and international regulations.

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