The UAE central bank has slapped administrative sanctions on an unidentified insurer accused of failing to meet regulatory obligations, Zawya reports.
As part of the sanctions, insurance companies are prohibited from issuing additional policies to new customers for a period of one year from the date of the notification.
The central bank also, the media notes, ordered the insurer to “remedy its solvency capital requirements” within nine months. The sanction is pursuant to Federal Law No. (6) of 2007 on the Organisation of Insurance Operations, as amended, the bank also stressed.
UAE bans unidentified insurer from issuing new policies for a year
