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The CBUAE has prohibited a takaful insurer from offering insurance contracts.

Photo: CBUAE

The Central Bank of the UAE (CBUAE) has prohibited a takaful insurer operating within the UAE from issuing or concluding new motor and health insurance contracts, as well as from renewing existing contracts. This action was taken due to the insurer's failure to meet the minimum capital requirements set by the CBUAE.

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In response to this situation, the CBUAE has provided the insurer with a six-month period to address its solvency issues and to comply with the regulatory directives issued by the bank. 

The CBUAE, in its supervisory and regulatory capacity, is committed to ensuring that all insurance companies, along with their owners and staff, adhere to the laws, regulations, and standards established by the CBUAE. This is aimed at protecting policyholders and maintaining the integrity of both the insurance sector and the overall financial system in the UAE.

Oct. 2, 2024 4:14 p.m. 838

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