UAE Central Bank cancels insurance broker's registration

The Central Bank of the UAE (CBUAE) has cancelled the registration of Al Fazaa Insurance Agent.

The reason was not disclosed but the regulator said the decision was based on the provisions regulating the insurance agents businesses.

Earlier this week, the Central Bank had also cancelled the registration of BH Insurance Brokerage.

Through its supervisory and regulatory mandates, the CBUAE works to make sure that all insurance companies comply with UAE laws and regulations to uphold the transparency and integrity of the industry and the country's financial system.

CBUAE has been supervising and regulating the insurance sector following the merger of the Insurance Authority UAE into CBUAE in 2020.