The CBUAE, acting under Article 33 (2)(a) of Federal Decree-Law No. (48) of 2023, identified that the company had violated the guidelines set out in the directive issued on April 18, 2022. The violations pertained to the improper management and collection of personal data, which is critical for maintaining the integrity and transparency of the insurance sector.
As part of the administrative action, the CBUAE issued a warning to the insurance company and directed it to cease the activities that were found to be in violation of the established regulations. The Central Bank emphasized that it remains committed to enforcing UAE laws and regulations within the financial sector, ensuring that all entities under its jurisdiction uphold the highest standards of governance and transparency.
This sanction is a part of the CBUAE's broader efforts to regulate the financial and insurance sectors in the UAE, safeguarding the interests of policyholders and maintaining the overall stability of the financial system. The move serves as a reminder to all financial institutions of the importance of strict compliance with regulatory frameworks, particularly in areas concerning customer data and privacy.
The CBUAE continues to monitor and evaluate the activities of all financial institutions under its supervision, taking necessary actions to address any non-compliance to ensure a robust and transparent financial ecosystem in the UAE.
For more details, please refer to the latest updates from credible sources.