Latest news with #FederalDecreeLawNo.
Arabian Post
2 hours ago
- Business
- Arabian Post
UAE Central Bank Suspends Motor Insurance Business of Foreign Insurer
Arabian Post Staff -Dubai The Central Bank of the UAE has taken decisive action by suspending the motor insurance operations of a foreign insurer's local branch. This decision, made under Articles and of Federal Decree Law No. of 2023, is aimed at enforcing compliance with regulatory standards in the UAE's insurance sector. The suspension stems from the insurer's failure to meet the solvency and guarantee requirements stipulated by the UAE's regulations, a breach that has significant implications for the company's operations within the country. The CBUAE confirmed that while the insurer's ability to conduct new business has been halted, it remains liable for all existing insurance contracts and their associated rights and obligations. ADVERTISEMENT The UAE's regulatory framework for insurance companies, introduced under Federal Decree Law No., is designed to ensure financial stability, consumer protection, and sector transparency. By enforcing stringent solvency and guarantee conditions, the CBUAE aims to maintain the integrity of the local insurance market and safeguard the broader financial ecosystem. The suspended insurer, a foreign entity operating within the UAE, has been under scrutiny for some time due to concerns about its financial solvency. This regulatory action highlights the central bank's commitment to enforcing the highest standards of compliance in line with national financial stability goals. The UAE insurance market, which is one of the most developed in the Gulf region, has seen increased oversight from the CBUAE as part of a broader effort to ensure that insurers adhere to strict regulatory standards. This includes robust checks on financial reserves, consumer protection protocols, and transparent business practices. The CBUAE's regulatory framework is designed to protect both policyholders and the financial system by ensuring that insurance companies have the necessary capital and guarantees to meet their obligations. While the suspension affects the foreign insurer's ability to offer new motor insurance policies, the regulator's actions ensure that the firm will continue to uphold its responsibilities to policyholders who have existing contracts. This decision underscores the CBUAE's commitment to protecting the rights of consumers and ensuring the financial health of the insurance sector. The UAE's insurance industry has been growing steadily over the past decade, with both domestic and international players seeking to capitalise on the expanding market. As a result, the CBUAE has increasingly focused on ensuring that insurers maintain financial solvency and provide adequate coverage to their customers. The central bank's intervention in this case is part of a broader regulatory strategy to reinforce these standards across the sector. The foreign insurer affected by this suspension has not made any public statement regarding the situation, and it is unclear how the suspension will impact its broader operations in the UAE. However, analysts suggest that the company may face significant challenges in regaining its ability to operate in the motor insurance market, given the stringent solvency and guarantee requirements that led to the suspension. The suspension also highlights the growing regulatory scrutiny within the UAE's financial sectors, where the central bank is increasingly taking proactive measures to ensure that companies adhere to the highest standards. The UAE government has placed a high priority on maintaining a stable financial ecosystem, with regulations designed to support transparency, consumer protection, and overall market stability. Looking ahead, it is likely that the CBUAE will continue to monitor the financial health of all insurers operating in the country, ensuring that they meet the required solvency standards and operate in line with the national financial framework. The central bank has indicated that it will not hesitate to take similar actions if other companies fail to comply with the law.
Zawya
7 hours ago
- Business
- Zawya
CBUAE suspends motor insurance business of foreign insurance company's branch
ABU DHABI: The Central Bank of the UAE (CBUAE) suspended the motor insurance business of a foreign insurance company's branch (insurer), pursuant to Articles (33) and (44) of Federal Decree Law No. (48) of 2023 Regulating Insurance Activities. The insurer remains liable for all rights and obligations arising from insurance contracts concluded before the suspension. This action comes as a result of the entity's failure to comply with the solvency and guarantee requirements, specified in the Law and prevailing regulations governing insurance companies in the UAE. The CBUAE, through its supervisory and regulatory mandates, endeavours to ensure that all insurers, their owners and staff comply with the UAE laws, regulations and standards established by the CBUAE to maintain transparency and integrity of the insurance sector and safeguard the UAE financial ecosystem.
Gulf Today
19 hours ago
- Business
- Gulf Today
CBUAE suspends motor insurance business of foreign insurance company's branch
The Central Bank of the UAE (CBUAE) suspended the motor insurance business of a foreign insurance company's branch (insurer), pursuant to Articles (33) and (44) of Federal Decree Law No. (48) of 2023 Regulating Insurance Activities. The insurer remains liable for all rights and obligations arising from insurance contracts concluded before the suspension. This action comes as a result of the entity's failure to comply with the solvency and guarantee requirements, specified in the Law and prevailing regulations governing insurance companies in the UAE. The CBUAE, through its supervisory and regulatory mandates, endeavours to ensure that all insurers, their owners and staff comply with the UAE laws, regulations and standards established by the CBUAE to maintain transparency and integrity of the insurance sector and safeguard the UAE financial ecosystem. WAM
Dubai Eye
21 hours ago
- Business
- Dubai Eye
CBUAE suspends motor insurance operations of foreign insurer
The Central Bank of the UAE (CBUAE) has suspended the motor insurance operations of a foreign insurer's branch, citing non-compliance with key financial regulations. The move was made under Articles 33 and 44 of the Federal Decree Law No. 48 of 2023, regulating insurance activities in the country. The Central Bank says the decision follows the company's failure to meet solvency and guarantee requirements. Despite the suspension, the insurer remains responsible for all existing insurance contracts signed before the action was taken. The name of the entity involved has not been disclosed by the authority. The #Central_Bank_UAE suspended the motor insurance business of a foreign insurance company's branch (insurer), pursuant to Articles (33) and (44) of Federal Decree Law No. (48) of 2023 Regulating Insurance Activities. For more information: — Central Bank of the UAE (@centralbankuae) July 29, 2025
Al Etihad
a day ago
- Business
- Al Etihad
Central Bank of UAE suspends motor insurance business of foreign insurance company's branch
29 July 2025 16:44 ABU DHABI (WAM) The Central Bank of the UAE (CBUAE) suspended the motor insurance business of a foreign insurance company's branch (insurer), pursuant to Articles (33) and (44) of Federal Decree Law No. (48) of 2023 Regulating Insurance insurer remains liable for all rights and obligations arising from insurance contracts concluded before the action comes as a result of the entity's failure to comply with the solvency and guarantee requirements, specified in the Law and prevailing regulations governing insurance companies in the UAE. The CBUAE, through its supervisory and regulatory mandates, endeavours to ensure that all insurers, their owners and staff comply with the UAE laws, regulations and standards established by the CBUAE to maintain transparency and integrity of the insurance sector and safeguard the UAE financial ecosystem.
