CBUAE revokes licence of ‘Smart and Secure Insurance Agent’

The Central Bank of the UAE (CBUAE) has revoked the licence of Smart and Secure Insurance Agent (Smart and Secure), an insurance agent operating in the UAE, and struck its name off the Register, pursuant to Article 20 of the Resolution No. 08 of 2011 concerning the Regulation of Insurance Agents Business.

The CBUAE has imposed an administrative sanction on Smart and Secure due to its weak compliance framework and failure to meet regulatory obligations.

The CBUAE, through its supervisory and regulatory mandates, works to ensure that all insurance companies and insurance-related professionals abide by the UAE laws, regulations and standards adopted by the CBUAE. This is to safeguard the transparency and integrity of the insurance industry and the UAE’s financial system.

The Central Bank of the UAE (CBUAE) announced that the Money Supply aggregate M1 decreased by 0.2 per cent, from Dhs799.3 billion at the end of October 2023 to Dhs797.4 billion at the end of November 2023.

This was due to Dhs4.9 billion fall in Monetary Deposits. Currency in Circulation Outside Banks increased by Dhs3.0 billion during November 2023.

The Money Supply aggregate M2 rose by 0.7 per cent, from Dhs1,922.3 billion at the end of October 2023 to Dhs1,935.4 billion at the end of November 2023. M2 rose due to Dhs15.0 billion rise in Quasi-Monetary Deposits, overriding the diminished M1.

WAM