The Central Bank of the UAE (CBUAE) has revoked the license of Smart and Secure Insurance Agent, citing significant compliance deficiencies.
Following Article 20 of Resolution No. 08 of 2011 governing Insurance Agents Business, the CBUAE struck Smart and Secure’s name off the Register. The regulatory body enforced this measure due to the agent’s weak compliance framework and inability to fulfil regulatory obligations.
The CBUAE, through its supervisory and regulatory mandates, works to ensure that all insurance companies and insurance-related professionals abide by the UAE laws, regulations and standards adopted by the CBUAE. This is to safeguard the transparency and integrity of the insurance industry and the UAE’s financial system.
