The Central Bank of the UAE.  ARCHIVE

An insurance company in the UAE has been penalized over violations of the law on insurance activities in the emirates, according to the Central Bank of the UAE on Monday (August 12). The UAE Central Bank conducted an investigation which revealed that the insurance company committed violations regarding the collection of personal data for insurance policies. The authority did not elaborate further on the violation. According to the UAE Central Bank, the insurance company has also been warned and told to refrain from doing such activity. “The CBUAE, through its supervisory and regulatory mandates, works to ensure that all insurance companies, their owners and staff abide by the UAE laws, regulations and standards adopted by the CBUAE to safeguard the transparency and integrity of the insurance sector and the UAE financial system,” according to the UAE Central Bank. ICA/Expat Media
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