The Central Bank of the UAE (CBUAE) has revoked the licence of Al Khazna Insurance Company P.S.C (Al Khazna).
The bank said the decision was made in light of Al Khazna’s failure to meet the licensing requirements necessary to conduct insurance business during the period of suspension of its licence.
The revocation was pursuant to Article 33 of Federal Decree Law No. (48) of 2023 regulating Insurance Activities (the Insurance Law).
The CBUAE works to ensure that all insurance companies and insurance-related professions abide by the UAE laws, regulations and standards adopted by the CBUAE to safeguard the transparency and integrity of the insurance sector and the UAE financial system.
