CBUAE suspends foreign insurer’s motor insurance operations

Insurer remains liable for existing contracts

Despite the suspension, the insurer remains responsible for all rights and obligations related to insurance contracts signed before the enforcement of the suspension.

Non-compliance with solvency and guarantee rules

The CBUAE took this action due to the insurer’s failure to meet solvency and guarantee requirements as mandated by the law and regulations governing the insurance sector in the UAE.

CBUAE reaffirms oversight role

The Central Bank emphasized its supervisory role in ensuring that all insurers, along with their owners and staff, comply with UAE regulations to uphold the transparency, integrity, and stability of the financial and insurance sectors.