UAE Central Bank revokes license of Dubai-based insurance broker

Abu Dhabi: The Central Bank of the UAE (CBUAE) has revoked the Dubai-based Dynamics Insurance Brokers license after an examination found the firm had failed to meet regulatory requirements.

In a statement, the CBUAE said the decision was made under Article 22 (2) of the Insurance Authority Board of Directors Resolution No. 15 of 2013, which governs insurance brokerage regulations. The bank’s investigation revealed that Dynamics Insurance Brokers had not complied with the licensing terms and conditions set by the central bank.

The regulatory authority said it remains committed to ensuring all insurance companies and brokers adhere to UAE laws and financial regulations. The CBUAE stated that it would continue its supervisory role to uphold the transparency and integrity of the country’s insurance sector and financial system.

The Central Bank did not disclose further details regarding the specific violations or the impact of the revocation on the firm’s clients.

Recently, the CBUAE has allowed licensed entities ample time to align their processes with compliance requirements. The latest enforcement measures signal a shift towards stricter regulatory oversight in the UAE’s insurance sector.