A UAE-based insurer has been slapped with administrative sanctions by the country’s central bank for failure to meet regulatory obligations.
The banking authority confirmed on Thursday that it has prohibited the insurance company from issuing additional policies to new customers for a period of one year from the date of the notification.
It also ordered the insurer to “remedy its solvency capital requirements” within nine months.
The central bank did not identify the insurer nor disclosed further details about the company’s violation. It said that the sanction is pursuant to Federal Law No. (6) of 2007 on the Organisation of Insurance Operations, as amended.