The Central Bank of the United Arab Emirates issued significant insurance decisions today.
The failure of the CBUAE to achieve its regulatory duties and the existence of an inadequate compliance framework led to the imposition of a fine.
The license of Smart and Secure Insurance Agent (Smart and Secure), an insurance agent that conducts business in the United Arab Emirates, has been canceled by the Central Bank of the United Arab Emirates (CBUAE).
Following the provisions of Article 20 of Resolution No. 08 of 2011 Concerning the Regulation of Insurance Agents Business, the name of the agent has been removed from the register.
The licensing of Smart and Secure Insurance agents has been revoked by the Central Bank of the UAE.
Smart and Secure has been subjected to an administrative sanction by the CBUAE as a result of the company's inadequate compliance framework and for failing to fulfill its regulatory duties.
The CBUAE strives to ensure that all insurance companies and people working in the insurance industry abide by the laws, regulations, and standards that the CBUAE has enacted through the use of its supervisory and regulatory duties. This is done to ensure that the insurance business and the financial system of the UAE are protected from any corruption or lack of transparency.