The Central Bank of the UAE (CBUAE) has suspended the motor insurance business of a branch of a foreign insurance company under the UAE framework regulating insurance activities. The branch remains liable for all rights and obligations arising from insurance contracts concluded before the suspension. The action was taken due to the entity’s failure to comply with solvency and guarantee requirements set out in Federal Decree Law No. 48 of 2023 and the prevailing regulations governing insurance companies in the UAE, and was imposed pursuant to Articles 33 and 44 of the law.
Central Bank of the UAE 2025-07-29
Central Bank of the UAE suspends foreign insurer branch’s motor insurance business for failing to meet solvency and guarantee requirements
The Central Bank of the UAE has suspended the motor insurance business of a foreign insurance company's branch for non-compliance with solvency and guarantee requirements under Federal Decree Law No. 48 of 2023. The branch remains responsible for obligations from contracts made prior to the suspension. This enforcement action is based on Articles 33 and 44 of the law.