The Central Bank of the UAE (CBUAE) has revoked the licence of Al Khazna Insurance Company P.S.C, citing its failure to meet the licensing requirements necessary to conduct insurance business during the period its licence was suspended. The revocation was taken under Article 33 of Federal Decree-Law No. 48 of 2023 regulating Insurance Activities, following CBUAE examinations and follow-ups that found Al Khazna did not comply with requirements set out in the Insurance Law and other CBUAE regulatory requirements during the suspension period.
Central Bank of the UAE 2025-07-11
Central Bank of the UAE revokes Al Khazna Insurance Company licence after failures to meet licensing requirements during suspension
The Central Bank of the UAE has revoked the licence of Al Khazna Insurance Company P.S.C due to non-compliance with licensing requirements during its suspension. This action was taken under Article 33 of Federal Decree-Law No. 48 of 2023, following examinations that revealed failures to meet the Insurance Law and other regulatory standards.