The Central Bank of the UAE (CBUAE) has imposed an administrative sanction on an insurance company operating in the UAE.
This action was taken under Article 33 (2) (a) of the Federal Decree-Law No. (48) of 2023 regarding the Regulation of Insurance Activities.
The sanction follows an examination conducted by the CBUAE, which revealed that the insurance company had deficiencies in its regulatory policies and procedures, in violation of the Guidance on the Personal Data that can be collected for Insurance Policies.
As a result, the CBUAE has imposed a warning on the insurance company in relation to the activity and a direction that the insurance company refrain from such activity.
