CBUAE prohibits takaful insurer from issuing new contracts
The Central Bank of the UAE (CBUAE) has issued a prohibition order against a takaful insurer, effective immediately, preventing it from underwriting any new insurance contracts. This affects policyholders seeking new takaful coverage and the insurer's distribution partners. Existing policyholders should contact their broker or the CBUAE for guidance on coverage continuity; new applicants must seek alternative takaful providers.
The analysis — automated & source-checked
- Applies to
- Financial services · UAE
- What to do
- If you hold an active policy with the affected insurer, verify coverage status immediately. If seeking new takaful insurance, apply through an alternative CBUAE-regulated provider. Distribution partners must cease new business with the prohibited insurer.
Source
“The Central Bank of the UAE (CBUAE) has issued a prohibition order against a takaful insurer, effective immediately, preventing it from underwriting any new insurance contracts.”
— Central Bank of UAE, 2 Oct 2024
Source: Central Bank of UAE — official 2 Oct 2024 Read the original ↗ More from Central Bank of UAE →
Quick answers
What do I need to do?
If you hold an active policy with the affected insurer, verify coverage status immediately. If seeking new takaful insurance, apply through an alternative CBUAE-regulated provider. Distribution partners must cease new business with the prohibited insurer.
Who issued this?
Central Bank of UAE (UAE).
When was it announced?
2 Oct 2024.
Where can I read the original?
Read the original at Central Bank of UAE: https://www.centralbank.ae/en/news-and-publications/news-and-insights/press-release/cbuae-prohibits-a-takaful-insurer-from-issuing-new-insurance-contracts/
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