UAE Central Bank revokes licence of Al Khazna Insurance Company

The Central Bank of the UAE (CBUAE) has revoked the licence of Al Khazna Insurance Company P.S.C (Al Khazna), pursuant to the Article 33 of Federal Decree Law No.48 of 2023 regulating Insurance Activities (the Insurance Law).

This is due to Al Khazna's failure to meet the licencing requirements necessary to conduct insurance business during the period of suspension of its licence.

The revocation results from the findings of examinations and follow-ups conducted by the CBUAE, which revealed that Al Khazna failed to comply with requirements set out in the Insurance Law and other regulatory requirements imposed by the CBUAE, during the period of suspension of its licence.

The CBUAE, through its supervisory and regulatory mandates, works to ensure that all insurance companies and insurance-related professions 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.

WAM