Khaleej Times, Wed, Mar 06, 2024 | Shaban 25, 1445
UAE Central Bank cancels licence of Smart and Secure Insurance agent
Emirates:
The Central Bank of the UAE (CBUAE) has revoked the licence of Smart and Secure
Insurance Agent (Smart and Secure), an insurance agent operating in the UAE.
The agent's name has been struck off the register, pursuant to Article 20 of the
Resolution No. 08 of 2011 Concerning the Regulation of Insurance Agents
Business.
The CBUAE has imposed an administrative sanction on Smart and Secure due to its
weak compliance framework and failure to meet regulatory obligations.
The CBUAE, through its supervisory and regulatory mandates, works to ensure that
all insurance companies and insurance related professionals abide by the UAE
laws, regulations and standards adopted by the CBUAE. This to safeguard the
transparency and integrity of the insurance industry and the UAE’s financial
system.