The UAE’s Central Bank has officially revoked the operating licence of First Insurance Brokers Company, citing non-compliance with regulatory requirements. This move comes as the banking authority intensifies its efforts to enforce compliance standards within the insurance brokerage sector.
According to the Central Bank, the decision was made after First Insurance Brokers Company consistently failed to meet the obligations set out in the insurance brokerage system. The regulatory body emphasized the importance of adherence to these requirements to maintain the integrity and stability of the financial sector in the UAE.
In addition to cancelling the company’s licence, the Central Bank has also removed the name of First Insurance Brokers Company from its register of approved entities. This action effectively bars the company from operating as an insurance broker within the UAE.
The Central Bank has not detailed the specific requirements that the company failed to meet. However, this action signals the authority’s commitment to stringent regulatory enforcement to protect consumers and ensure fair practices in the financial sector.