ABU DHABI: The Central Bank of the UAE (CBUAE) has officially revoked the licence of Al Khazna Insurance Company P.S.C, citing the company’s failure to meet mandatory licencing conditions outlined in the Federal Decree Law No. 48 of 2023, which governs insurance activities across the country.
The CBUAE stated that this decisive action followed thorough examinations and follow-ups which revealed that Al Khazna had not adhered to regulatory requirements even during its previously suspended licence period. As per Article 33 of the new Insurance Law, such violations necessitate strict corrective measures, including the cancellation of operating licences.
According to the Central Bank, Al Khazna did not fulfil the necessary licencing criteria to continue insurance operations and also failed to comply with several stipulations of the Insurance Law. These included financial stability requirements and procedural governance norms mandated by the CBUAE to ensure industry-wide compliance and consumer protection.
The CBUAE reaffirmed its commitment to overseeing the integrity of the UAE’s insurance landscape, ensuring that all insurance entities operate transparently and in accordance with national regulations. “We uphold rigorous supervisory standards to protect the financial system and reinforce trust in the UAE’s insurance sector,” the bank stated.
This revocation is expected to send a strong message to all licensed entities regarding the importance of compliance and adherence to regulatory expectations in the UAE’s evolving financial ecosystem.
