The Central Bank of the United Arab Emirates decided to prevent a Takaful insurance company operating in the country from issuing contracts or issuing new documents related to vehicle and health insurance, including the renewal of insurance policies, according to Article 33 of Federal Decree Law No. 48. of 2023 regarding the regulation of insurance activities (insurance law).
The insurance company remains responsible for all rights and obligations arising from contracts concluded before the suspension decision.
This action comes as a result of the company not meeting minimum capital requirements. The Central Bank has given the insurance company a period of six months to correct its financial solvency conditions and comply with its instructions in this regard.
The Central Bank of the Emirates, through its regulatory and supervisory responsibilities, works to ensure that all insurance companies and related professions comply with the applicable laws of the country and the regulations of the Central Bank, with the aim of preserving the transparency and integrity of the Central Bank. insurance sector and protecting the country’s financial system.
2024-10-02 06:23:34
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