The UAE Central Bank in Abu Dhabi
The sanction comes into effect from May 18, 2022. Image Credit: Gulf News Archives

Abu Dhabi: The Central Bank of the UAE has imposed an administrative sanction on an insurance company operating in the country, and has prohibited it from issuing additional policies to new customers for a one-year period, with effect from May 18, 2022.

The notification, which was issued after the insurer failed to meet its regulatory obligations, also requires the company to remedy its solvency capital requirements within nine months from the notification date.

“Through its supervisory and regulatory mandates, the CBUAE works to ensure that all insurance companies operating in the UAE abide by the UAE laws, regulations and standards adopted by the CBUAE to safeguard the transparency and integrity of the insurance business and enhance the efficiency of the UAE insurance system,” the Central Bank said in a statement.