CBUAE removes board of directors of insurance company
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CBUAE removes board of directors of insurance company

CBUAE removes board of directors of insurance company

It is replaced it with a temporary committee of experts for six months

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The Central Bank of the UAE (CBUAE) has removed the board of directors of an insurance company operating in the UAE and replaced it with a temporary committee of experts for six months, state news agency WAM has reported.

This administrative sanction is imposed in accordance with Article 41 of the Federal Law No. 6 of 2007 on the Regulation of Insurance Operations.

The committee will carry out business and dispositions on behalf of the company in accordance with its mandate.

The CBUAE, through its supervisory and regulatory mandates, works to ensure that all insurance companies and professions related to insurance companies, comply with the UAE laws and regulations adopted by the CBUAE, to safeguard the transparency and integrity of the insurance industry and the UAE financial system.

Image credit: WAM

Also read: Abu Dhabi National Insurance Company reports net profit of Dhs186.9m for H1 2022

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