CBUAE revokes licence of Dynamics Insurance Brokers

The Central Bank of the UAE (CBUAE) has revoked the licence of Dynamics Insurance Brokers, pursuant to the Article 22 (2) of the Insurance Authority Board of Directors Resolution No. 15 of 2013 Concerning Insurance Brokerage Regulations.

The revocation results from the findings of an examination conducted by the CBUAE, which revealed that Dynamics Insurance Brokers failed to comply with the licensing terms and requirements issued by the Central Bank and with the further requirements stipulated in the regulation.

The CBUAE, through its supervisory and regulatory mandates, works to ensure that all insurance companies and insurance-related professions, comply with the UAE laws and CBUAE regulations to safeguard the transparency and integrity of the insurance industry and the UAE financial system.

WAM