UAE Central Bank revokes license of Al Khazna insurance company

Abu Dhabi: The Central Bank of the UAE (CBUAE) has revoked the licence of Al Khazna Insurance Company PSC.

The action was taken under Article 33 of Federal Decree Law No. (48) of 2023, which governs insurance activities in the UAE.

The decision follows Al Khazna’s failure to meet licencing requirements necessary to operate during the suspension period of its licence.

The revocation is based on the results of CBUAE’s examinations and follow-up reviews, which found the company non-compliant with provisions of the Insurance Law and other regulatory obligations.

The CBUAE reiterated its commitment to upholding the integrity of the UAE’s insurance sector by ensuring that all insurance firms and related entities operate in line with national laws, regulations, and supervisory standards, thereby protecting the transparency and stability of the country’s financial system.