The Central Bank of the UAE (CBUAE) issued a warning on Monday regarding an insurance company following an investigation that uncovered shortcomings in its regulatory policies and procedures. The regulator revealed that the investigation showed the insurance company was breaching the 'Guidance on Personal Data' related to the data it collects for insurance policies. Without revealing the company's name, the Central Bank cautioned the insurance firm to discontinue such practices. The regulator emphasized its commitment to ensuring that all insurance companies, along with their owners and staff, comply with UAE laws, regulations, and standards to maintain the transparency and integrity of the insurance sector and the nation's financial system.
Last month, the Central Bank revoked the license of Galaxy Insurance Broker (Galaxy) and removed its name from the register after an investigation by the CBUAE found that Galaxy Insurance Broker had inadequate compliance and failed to meet regulatory obligations. Earlier this month, the UAE Central Bank imposed a financial penalty of Dh5.8 million on a bank in the UAE for non-compliance with the country's anti-money laundering and combating the financing of terrorism (AML/CFT) laws.
