The UAE Central Bank has removed the board of directors of a local insurance business and replaced it with a six-month provisional committee of specialists.
This administrative sentence is imposed in accordance with Article 41 of Federal Law No. 6 of 2007 on Insurance Operations Regulation.
In accordance with its mandate, the committee will conduct business and dispose of assets on behalf of the firm.
The Central Bank works to ensure that all insurance companies and professions related to insurance companies comply with the law and regulations adopted by the Central Bank in order to protect the transparency and integrity of the insurance industry and the country’s financial system.
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