UAE Central financial institution dissolves insurance coverage firm’s board of administrators

Dubai: The Central Financial institution of the UAE (CBUAE) issued a choice to dissolve the board of administrators of an insurance coverage firm and changed the present board with an interim administration committee. This short-term committee will govern the operations of the insurance coverage agency for the following six months. Their mandate will embody following up and implementing all obligatory actions on behalf of the corporate, below the powers granted to them by the delegation.

CBUAE imposed advert administrative sanction in accordance with Article 41 of Federal Legislation No. (6) of 2007 on the Regulation of Insurance coverage Operations.