The Central Bank of the United Arab Emirates (CBUAE) said in a statement that as per Article 33 of the Federal Law No. (48) of 2023 on Regulations, the takaful insurer is prohibited from issuing new insurance contracts.
Publish dateWednesday 2 October 2024 - 18:20
According to Amac News: The insurer is responsible for all rights and obligations arising from insurance contracts concluded before the ban was decided, the UAE Central Bank said in a statement.
This action was taken as a result of the insurance company's failure to comply with the minimum capital requirement. The CBUAE has given the insurer six months to repay the debt and comply with its instructions in this regard.
The CBUAE, through its supervisory and supervisory powers, strives to ensure that all insurers, their owners and employees comply with UAE laws, regulations and standards to protect insureds and the integrity of the UAE’s insurance sector and financial system.
This action was taken as a result of the insurance company's failure to comply with the minimum capital requirement. The CBUAE has given the insurer six months to repay the debt and comply with its instructions in this regard.
The CBUAE, through its supervisory and supervisory powers, strives to ensure that all insurers, their owners and employees comply with UAE laws, regulations and standards to protect insureds and the integrity of the UAE’s insurance sector and financial system.
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Source : news agency wam
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