Publish dateMonday 12 August 2024 - 19:39
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Economy
Story Code : 1235

CBUAE sanctioned the activities of an insurance company operating in the UAE

The Central Bank of the United Arab Emirates (CBUAE) has announced that it has sanctioned the activities of an insurance company operating in the UAE regarding insurance regulations.
photo: wam
photo: wam
 According to Amac News: The announcement of the Central Bank of the Emirates states that the administrative sanction is the result of the findings of an investigation conducted by the CBUAE, which shows that the insurance company has deficiencies in its policies and supervisory procedures.
According to the announcement, this is a breach of the directive on personal data that can be collected for insurance policies dated April 18, 2022.
Accordingly, CBUAE has warned the insurance company regarding the activity and ordered the insurance company to refrain from such activity.
The CBUAE, through its supervisory and regulatory functions, strives to ensure that all insurance companies, their owners and employees comply with the UAE laws, regulations and standards established by the CBUAE to protect the transparency and integrity of the insurance sector and The financial system of the United Arab Emirates is adopted.
 
https://amacnews.com/vdce.x8zbjh8wnk1ij.html
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The Central Bank of the United Arab Emirates (CBUAE) an insurance company operating in the UAE
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