The Central Bank of the UAE (CBUAE) has revoked the licence of Al Khazna Insurance Company P.S.C., citing persistent non-compliance with regulatory requirements during the suspension period. The action was taken under Article 33 of Federal Decree Law No. 48 of 2023, which governs insurance activities across the UAE.
The revocation follows examinations and follow-up assessments conducted by the CBUAE, which found that Al Khazna failed to meet the licensing requirements necessary to resume insurance operations while its licence was under suspension. These violations were in breach of the Insurance Law and additional regulatory obligations set by the central bank.
The CBUAE emphasized that the move aligns with its supervisory mandate to uphold the stability, transparency, and integrity of the insurance sector and broader financial system. The regulator reiterated its commitment to ensuring that all licensed insurance entities comply fully with the laws and standards of the UAE.
The decision to revoke the licence marks a clear stance by the central bank on reinforcing discipline within the country’s insurance sector, particularly in the post-reform landscape shaped by the 2023 insurance law overhaul.
–Input WAM
