Abu dhabi: The Central Bank of the UAE (CBUAE) has revoked the licence of Al Khazna Insurance Company P.S.C (Al Khazna), pursuant to Article 33 of Federal Decree Law No.48 of 2023 regulating Insurance Activities (the Insurance Law). This decision follows Al Khazna's failure to meet the licencing requirements necessary to conduct insurance business during the suspension period of its licence.
According to Emirates News Agency, the revocation is the result of examinations and follow-ups conducted by the CBUAE. These investigations revealed that Al Khazna did not comply with the requirements outlined in the Insurance Law and other regulatory obligations imposed by the CBUAE during the suspension period of its licence.
The CBUAE emphasizes its commitment to ensuring that all insurance companies and related professions comply with UAE laws, regulations, and standards. This is part of its supervisory and regulatory mandates to safeguard the transparency and integrity of the insurance sector and the broader UAE financial system.