Central Bank of the UAE Revokes License of Dynamix Insurance Brokers
The revocation follows regulatory inspections revealing compliance failures.
The Central Bank of the United Arab Emirates has officially revoked the license of Dynamix Insurance Brokers, as stipulated under Article 22 (2) of Board Resolution No. 15 of 2013 concerning the Insurance Brokerage System.
This action was taken after inspections conducted by the Central Bank identified significant non-compliance with licensing terms and additional regulatory requirements established within the insurance brokerage framework.
The Central Bank’s regulatory and supervisory duties include ensuring that all insurance companies and related professions adhere to current laws and the standards set forth by the institution.
This initiative is part of broader efforts to maintain transparency and integrity in the insurance sector and to safeguard the financial system of the UAE.
This action was taken after inspections conducted by the Central Bank identified significant non-compliance with licensing terms and additional regulatory requirements established within the insurance brokerage framework.
The Central Bank’s regulatory and supervisory duties include ensuring that all insurance companies and related professions adhere to current laws and the standards set forth by the institution.
This initiative is part of broader efforts to maintain transparency and integrity in the insurance sector and to safeguard the financial system of the UAE.
Translation:
Translated by AI
