Abu Dhabi: The Central Bank of the UAE (CBUAE) has revoked the licence 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.
According to Emirates News Agency, the revocation stems from an examination by the CBUAE, which uncovered that Dynamics Insurance Brokers failed to adhere to the licensing terms and requirements set by the Central Bank. Additionally, the broker did not meet other necessary stipulations outlined in the regulation.
The CBUAE, through its supervisory and regulatory mandates, aims to ensure that all insurance companies and insurance-related professions comply with UAE laws and CBUAE regulations. This action is part of the broader effort to maintain transparency and integrity within the insurance industry and the UAE financial system.