UAE Central Bank penalizes insurance company, fires its board of directors

The Central Bank of the UAE.

PHOTO BY ARCHIVE

UAE Central Bank imposes sanction on insurance firm

The Central Bank of the UAE has penalized an insurance company operating in the country, and fired its board of directors.

The board directors were replaced with a temporary committee of experts that will carry out business and dispositions on behalf of the company for six months.

According to the Central Bank of the UAE on Tuesday (May 23), it imposed an administration sanction on the insurance company in accordance with the federal law on insurance operations. It did not give further details about the violation of the insurance company that was penalized.

The Central Bank said is works to ensure that all insurance companies and professions related to insurance companies comply with the UAE laws and regulations for transparency and integrity. ICA/Expat Media

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