The Central Bank of the UAE (CBUAE) has stopped the licence of YAS Takaful PJSC under Article 33(2)(k) of Federal Decree Law No. (48) of 2023 about Insurance Activities. The step was taken because the company did not meet the rules and standards required for insurance providers in the UAE.
People who already have insurance with the company will still be covered under the agreements made before the suspension. The Central Bank said it will continue to watch insurance companies to make sure they follow the law and protect the country’s financial system.
The suspension is a reminder that following the rules is very important for businesses. Companies that keep updated on laws and meet requirements can continue working smoothly and avoid problems like suspensions.
