iPhone | iPad
Android
Huawei
Observant residents using Max Metro Station will be able to spot the change on their commute
KT APPDOWNLOAD
UAE: Central Bank warns insurance firm for deficient policies, procedures
The authority last month revoked the licence of Galaxy Insurance Broker and struck its name off the register after failing to comply with regulatory obligations
The Central Bank of the UAE (CBUAE) on Monday issued a warning on an insurance company after an investigation found deficiencies in its regulatory policies and procedures.
The regulator announced that the investigation found the insurance company was violating the 'Guidance on the Personal Data' that the company collects for insurance policies.
Without disclosing the name of the company, the Central Bank warned the insurance firm to henceforth refrain from such activity.
Stay up to date with the latest news. Follow KT on WhatsApp Channels.
The regulator stressed that it aims to ensure that all insurance companies, their owners and staff abide by UAE laws, regulations and standards to safeguard the transparency and integrity of the insurance sector and the country's financial system.
The Central Bank last month revoked the licence of Galaxy Insurance Broker (Galaxy) and struck its name off the register after investigation findings conducted by the CBUAE revealed that Galaxy Insurance Broker had weak compliance and failed to comply with the regulatory obligations.
Earlier this month, the UAE Central Bank imposed a financial sanction of Dh5.8 million on a bank operating in the UAE for not adhering to anti-money laundering and combating the financing of terrorism (AML/CFT) laws of the country.
ALSO READ:
More news from UAE
The country expressed its solidarity and wished for a speedy recovery of the injured
The landmark judgement will help the man continue his treatment to regain some of his abilities
This comes days after Abu Dhabi extended maternity leave to 90 days for Emirati women working in the private sector
He was praised for his quick action, responsibility and courage
The Russian managing director selected the tickets with the birth dates of her husband, mother and herself
Students advised intake of light meals, using restrooms before boarding buses
Survivors of disasters may experience a range of psychological issues like acute stress, anxiety, fear, and post-traumatic stress disorder