Abu dhabi: The Central Bank of the UAE (CBUAE) has suspended the motor insurance business of a foreign insurance company's branch in the country. This decision follows the guidelines set forth in Articles (33) and (44) of Federal Decree Law No. (48) of 2023, which regulates insurance activities within the UAE.
According to Emirates News Agency, the foreign insurer remains responsible for all rights and obligations stemming from insurance contracts that were concluded before the suspension took place. This measure was enacted due to the company's failure to meet the solvency and guarantee requirements as specified in the UAE's prevailing insurance regulations.
The CBUAE, in carrying out its supervisory and regulatory duties, strives to ensure that all insurance companies, their owners, and employees adhere to the laws, regulations, and standards established in the UAE. These efforts are aimed at maintaining the transparency and integrity of the insurance sector and safeguarding the financial ecosystem within the country.