The Central Bank of the UAE (CBUAE) has taken disciplinary action against Smart and Secure Insurance Agent (Smart and Secure), a company operating within the UAE's insurance sector.
As a consequence of its regulatory review, the CBUAE has opted to revoke the license held by Smart and Secure, effectively expelling the entity from conducting insurance-related activities in the UAE.
This decision, sanctioned under Article 20 of Resolution No. 08 of 2011, which governs the Regulation of Insurance Agents Business, signifies the removal of Smart and Secure's name from the official register of licensed insurance agents within the UAE.
Due to weaknesses in the company's compliance system and insufficient fulfillment of regulatory requirements, the CBUAE has decided to take enforcement action against Smart and Secure. As part of its supervisory function, the CBUAE is responsible for making sure that all UAE-based insurance companies and professionals follow the rules. The CBUAE's goal in implementing compliance measures is to contribute to the stability of the UAE's financial system by maintaining the honesty and openness of the insurance industry.
Through robust supervisory measures, the CBUAE monitors the activities of insurance entities and professionals, aiming to prevent misconduct and ensure adherence to regulatory requirements. In cases where deficiencies are identified, the CBUAE takes appropriate enforcement actions to address non-compliance and mitigate risks to the financial system.
The decision to revoke Smart and Secure's license underscores the CBUAE's commitment to maintaining the highest standards of regulatory oversight in the UAE's insurance industry. By holding firms accountable for their compliance obligations, the CBUAE seeks to foster trust and confidence among stakeholders, including policyholders, investors, and the public.
Moving forward, the CBUAE will continue to exercise vigilant oversight over the insurance sector, implementing measures to enhance compliance and mitigate potential risks. Through proactive supervision and enforcement actions, the CBUAE aims to uphold the integrity of the financial services industry in the UAE, safeguarding the interests of all stakeholders and contributing to the country's economic stability and growth.