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The Central Bank of the United Arab Emirates (CBUAE) has withdrawn the operating license of First Insurance Brokers Company and removed its name from the register of insurance brokers.
This decision came as a result of the company’s failure to comply with current regulations requiring companies to renew their license on an annual basis by submitting an application one month prior to the first license’s expiration date.
As a regulator, the CBUAE has the authority to withdraw a broker’s license for failure to renew its license.
