financial crime
The Central Bank has decided to replace the current board with an interim management committee composed of experienced personnel, vested with the same functions and powers as the former board. Image Credit: Gulf News Archive

Dubai: The Central Bank of the UAE (CBUAE) issued a decision to dissolve the board of directors of an insurance company and replaced the current board with an interim management committee. This temporary committee will govern the operations of the insurance firm for the next six months. Their mandate will include following up and implementing all necessary actions on behalf of the company, under the powers granted to them by the delegation.

CBUAE imposed ad administrative sanction in accordance with Article 41 of Federal Law No. (6) of 2007 on the Regulation of Insurance Operations.

Through its oversight and supervisory roles, the central bank guarantees that all insurance companies and associated professions adhere to the existing national laws and the bank’s regulations.