UAE revokes permit of insurance broker for violating licensing laws
The licence of Dynamics Insurance Brokers was nullified by the Central Bank of the UAE (CBUAE), which, following an internal investigation, referred to violations of certain terms of the licensing terms and requirements issued by the authority.
The Article 22 (2) of the Insurance Authority Board of Directors Resolution No. 15 of 2013 Concerning Insurance Brokerage Regulations states that "The Authority may revoke the licence in the event the Brokerage Company did not practice its activities for three months."
Through its supervisory and regulatory role, the CBUAE seeks to ensure that all insurance companies and any profession connected with insurance products operate in accordance with the UAE laws and CBUAE regulations. It protects transparency and integrity in the insurance sector and the UAE financial system.
A UAE regulator has removed the registration of Emirates Advocates as a Designated Non-Financial Business or Profession (DNFBP) in late March.
Abu Dhabi Global Market (ADGM) Financial Services Regulatory Authority (FSRA) explained that the company did not meet specific provisions of FSRA's Anti-Money Laundering and Sanctions Rules and Guidance Rulebook.
As a result, Emirates Advocates is now banned from conducting legal consultancy within the ADGM.
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