The Central Bank of the UAE (CBUAE) canceled the Dubai-based Dynamics Insurance Brokers’ license after an inspection discovered the company had not complied with regulatory standards.
In a statement, CBUAE stated the decision was issued under Article 22 (2) of the Insurance Authority Board of Directors Resolution No. 15 of 2013, which regulates insurance brokerage rules. The bank investigation found that Dynamics Insurance Brokers had failed to meet the licensing conditions and terms of the central bank.
The regulator affirmed it continues to make sure all insurance brokers and companies follow UAE financial rules and laws. The CBUAE asserted it will continue with the oversight function in order to protect the country’s insurance market and financial sector integrity and transparency.
The Central Bank did not elaborate on more details of the breach or the effects of the revocation on clients of the firm.
In recent times, the CBUAE has given licensed parties sufficient time to adjust their procedures to comply with requirements. The most recent enforcement actions reflect a move towards tighter regulatory control in the UAE insurance industry.
