The Central Bank of the United Arab Emirates has revoked the operating licence of Dynamics Insurance Brokers following regulatory breaches, officials announced today.
According to the CBUAE, the decision was made pursuant to Article 22(2) of the Insurance Authority Board of Directors Resolution No. 15 of 2013 Concerning Insurance Brokerage Regulations.
The licence revocation stems from an examination conducted by Central Bank officials, which uncovered 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 further stated that through its “supervisory and regulatory mandates,” it works to ensure all insurance companies and related professions adhere to UAE laws and Central Bank regulations.
This enforcement action reflects the regulator’s commitment to “safeguard the transparency and integrity of the insurance industry and the UAE financial system.”
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