The Central Bank of the UAE (CBUAE) has revoked the license of First Insurance Brokers Company, an insurance company operating in the UAE.
The cancellation, in accordance with Article 22 (2) of the Board of Directors Resolution No.15 of 2013 Concerning Insurance Brokerage Regulations, stems from the company’s failure to comply with the requirements outlined in Article (9) of the said regulation.
“The CBUAE works to ensure that all insurance companies and professions related to insurance companies comply with the UAE laws and regulations adopted by the CBUAE to safeguard the transparency and integrity of the insurance industry and the UAE financial system,” the bank said in a statement.
