UAE Central Bank cancels licence of health insurance company for non-compliance

The Central Bank of the UAE (CBUAE) on Monday said it has cancelled the licence of Iris Health Services for not complying with the applicable guidelines.

The regulator said the licence has been cancelled in “accordance with the applicable instructions and procedures for licensing health insurance third party administrators and regulation and control of their business.”

The company is a third-party administration service company providing medical benefit and claims administration services.

The Central Bank has been strictly monitoring the practice of the local insurance sector to ensure that all the companies adhere to the local laws.

In June 2022, it had imposed an administrative sanction on two insurance companies for failure to meet its regulatory obligations. One of the firms was prohibited from issuing additional insurance policies to new customers for one year.

In December last year, new guidelines were issued for the insurance sector to combat money laundering and financing of terrorism.

Companies operating in the insurance sector – including insurers, reinsurers, agents and brokers – were given one month time to comply with the new regulations.

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