The Central Bank of the UAE (CBUAE) has revoked the license of Dynamics Insurance Brokers, pursuant to 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.
“Furthermore, the CBUAE emphasized its commitment to ensuring that all insurance entities adhere to UAE laws and regulations to maintain the integrity of the financial system,” as per the reports.
The Central Bank did not disclose further details regarding the specific violations or the impact of the revocation on the firm’s clients.
Dynamics Insurance Brokers
Dubai-based Dynamics Insurance Brokers was an independent insurance agency offering a range of services, including travel, health, auto, life, and property insurance. The company emphasized client interests, aiming to provide tailored insurance solutions.
Last month, the CBUAEintroduced a new symbol for the UAE’s national currency, the ‘Dirham,’ aiming to reinforce the UAE’s status as a premier global financial hub.
The unveiling of the new Dirham symbol coincides with the CBUAE’s recent adoption of the FX Global Code, making it the first central bank in the Arab region to join the initiative.
