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Yahoo
6 days ago
- Business
- Yahoo
CBUAE revokes Al Khazna Insurance Company licence
The Central Bank of the United Arab Emirates (CBUAE) has revoked the licence of Al Khazna Insurance Company, following its failure to meet regulatory requirements. The CBUAE's decision comes after a period of scrutiny where Al Khazna was under suspension and was expected to rectify its compliance issues. However, subsequent examinations and follow-up actions by the regulatory authority revealed non-compliance with the Insurance Law and other regulatory directives. Founded in 1996 by H.H. Sheikh Khalifa bin Zayed Al Nahayan, Al Khazna Insurance has been active in the UAE insurance market, providing general insurance and reinsurance services since its operational commencement in 1997. Its portfolio includes personal accident, property, group life and medical, motor, liability, marine, energy and aviation insurance, as well as niche products such as credit and affinity products. Earlier in May 2025, the CBUAE imposed sanctions on five insurance brokers for their failure to adhere to anti-money laundering and combating the financing of terrorism and illegal organisations framework. The sanctions included financial penalties for two of the brokers and official warnings for the remaining three, although their identities have not been disclosed. In UAE, CBUAE is the supervisory and regulatory authority, ensuring insurance firms and insurance-related professions comply with the laws, regulations, and standards established by the CBUAE, maintaining the 'integrity' of both the insurance sector and the UAE financial system. "CBUAE revokes Al Khazna Insurance Company licence " was originally created and published by Life Insurance International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Arabian Post
12-07-2025
- Business
- Arabian Post
UAE Central Bank Pulls Licence of Al Khazna Insurance
Arabian Post Staff -Dubai Abu Dhabi—The Central Bank of the UAE has revoked the licence of Al Khazna Insurance Company P. S. C under Article 33 of Federal Decree Law No. 48 of 2023 governing insurance activities, after the firm failed to meet mandatory licensing requirements during a suspension period. The central bank's investigations uncovered persistent non-compliance with both the Insurance Law and additional CBUAE regulations throughout the suspension, leading to decisive regulatory action. The move underscores the regulator's commitment to maintaining the integrity and transparency of the UAE's insurance sector and broader financial system. ADVERTISEMENT Al Khazna, based in Abu Dhabi, saw its licence suspended earlier in line with provisions introduced under the 2023 law. As part of this suspension, insurers are required to resolve any compliance gaps before licence reinstatement. However, the CBUAE found that Al Khazna failed to correct these deficiencies during that period. Regulatory scrutiny appears to have intensified since the Insurance Law came into effect, as authorities aim to bolster trust in financial markets. The central bank, acting through its supervisory mandate, has intensified examinations across insurance entities to ensure adherence to legal and regulatory standards. Industry analysts note that the revocation itself does not automatically trigger an exit cascade, but it sends a stern warning. 'Companies that fail to meet minimum capital, solvency or operational standards risk losing their licences outright,' said an insurance consultant based in Dubai. The loss of licence bars Al Khazna from conducting any further insurance operations in the UAE unless formally reinstated under strict new terms. Under the Insurance Law, the CBUAE is mandated to revoke licences if, during suspension, firms fail to comply with corrective actions, including capital adequacy, governance, risk management and statutory reporting. The central bank's review team reportedly flagged multiple gaps, though details of specific breaches have not been made public. The CBUAE's zero-tolerance approach signals broader regulatory tightening across financial services. Since March, the central bank has levied fines totaling over AED 2.6 million against certain insurance firms and banking institutions for breach of tax compliance, antimoney‑laundering and other framework violations. ADVERTISEMENT Following Al Khazna's licence revocation, policyholders may face claims uncertainty. The CBUAE has provided guidelines to insurers under licence suspension, recommending them to continue servicing in-force policies and settle outstanding claims under regulatory oversight. It is expected that the regulator will enforce a similar approach for Al Khazna to safeguard consumer interests. Discussions are reportedly underway with other operators to absorb liability where needed, according to industry insiders. Market reaction has been muted so far. Shares of listed insurers remained steady, while privately held peers are reviewing their own compliance procedures. 'This clearly demonstrates that regulatory grace periods must be matched with swift corrective action and transparency,' said the insurance consultant in Dubai. Al Khazna joined a wave of sector-wide transformation last year when the Insurance Law was introduced. Designed to implement international best practices, the legislation set new capital thresholds, risk frameworks and governance structures for all insurers its jurisdiction. Experts say the law's strict enforcement marks a seminal shift towards a more robust and risk-aware sector. A spokesperson for the CBUAE emphasised that regulatory enforcement will continue. 'The decision affirms our mandate to uphold the stability and integrity of the UAE's financial system,' the spokesman said at a press briefing in Abu Dhabi. 'All insurance firms must adhere fully to the legal and regulatory standards or face similar consequences.' Al Khazna's licence revocation now places it among a small but growing list of financial firms that have failed to align swiftly with enhanced regulatory norms. It remains unclear whether the firm will pursue a licence reinstatement by dissolving all compliance breaches or whether it will exit the market. Sources within the firm declined to provide comment on next steps. Following Al Khazna's licence revocation, the central bank may step up its inspection frequency across the sector. Regulators are expected to issue fresh guidance to insurers on enhancing risk management, capital planning and governance practices. Analysts believe this incident will encourage all players to accelerate internal audits and compliance enhancements. The CBUAE has also emphasised its openness to collaboration. It continues to engage with industry stakeholders via working groups and technical committees to align regulatory expectations with market realities while protecting policyholders.
Gulf Today
11-07-2025
- Business
- Gulf Today
UAE Central Bank revokes licence of Al Khazna Insurance Company
The Central Bank of the UAE (CBUAE) has revoked the licence of Al Khazna Insurance Company P.S.C (Al Khazna), pursuant to the Article 33 of Federal Decree Law No.48 of 2023 regulating Insurance Activities (the Insurance Law). This is due to Al Khazna's failure to meet the licencing requirements necessary to conduct insurance business during the period of suspension of its licence. The revocation results from the findings of examinations and follow-ups conducted by the CBUAE, which revealed that Al Khazna failed to comply with requirements set out in the Insurance Law and other regulatory requirements imposed by the CBUAE, during the period of suspension of its licence. The CBUAE, through its supervisory and regulatory mandates, works to ensure that all insurance companies and insurance-related professions abide by the UAE laws, regulations and standards adopted by the CBUAE to safeguard the transparency and integrity of the insurance sector and the UAE financial system. WAM
Sharjah 24
11-07-2025
- Business
- Sharjah 24
CBUAE revokes licence of Al Khazna Insurance Company
This is due to Al Khazna's failure to meet the licencing requirements necessary to conduct insurance business during the period of suspension of its licence. The revocation results from the findings of examinations and follow-ups conducted by the CBUAE, which revealed that Al Khazna failed to comply with requirements set out in the Insurance Law and other regulatory requirements imposed by the CBUAE, during the period of suspension of its licence. The CBUAE, through its supervisory and regulatory mandates, works to ensure that all insurance companies and insurance-related professions abide by the UAE laws, regulations and standards adopted by the CBUAE to safeguard the transparency and integrity of the insurance sector and the UAE financial system.
Al Etihad
11-07-2025
- Business
- Al Etihad
Central Bank of the UAE revokes licence of Al Khazna Insurance Company
11 July 2025 12:24 ABU DHABI (WAM) The Central Bank of the UAE (CBUAE) has revoked the licence of Al Khazna Insurance Company P.S.C (Al Khazna), pursuant to the Article 33 of Federal Decree Law No.48 of 2023 regulating Insurance Activities (the Insurance Law).This is due to Al Khazna's failure to meet the licencing requirements necessary to conduct insurance business during the period of suspension of its revocation results from the findings of examinations and follow-ups conducted by the CBUAE, which revealed that Al Khazna failed to comply with requirements set out in the Insurance Law and other regulatory requirements imposed by the CBUAE, during the period of suspension of its licence. The CBUAE, through its supervisory and regulatory mandates, works to ensure that all insurance companies and insurance-related professions abide by the UAE laws, regulations and standards adopted by the CBUAE to safeguard the transparency and integrity of the insurance sector and the UAE financial system.
