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  • Final Provisions

    • Article (34) Enforcement and Sanctions

      34.1Violation of any provision of this Regulation may be subject to supervisory action and sanctions as deemed appropriate by the Central Bank.
      34.2Without prejudice to the provisions of the Law, supervisory action and sanctions by the Central Bank may include withdrawing, replacing or restricting the powers of Senior Management or members of the Board, providing for the interim management of the Company, or barring individuals from the UAE insurance sector.

    • Article (35) Interpretation of Regulation

      The Regulatory Development Division of the Central Bank shall be the reference for interpretation of the provisions of this Regulation.

    • Article (36) Publication and Application

      This Regulation shall be published in the Official Gazette in Arabic, and shall come into effect one month from the date of publication.

      1. A Company must comply fully with the provisions of this Regulation within the effective date.
      2. If the Company was not able to demonstrate full compliance within the effective date, then the Company must submit a plan within the effective date, to the Central Bank containing the steps that the Company will take in order to demonstrate full compliance. The Central Bank will decide on the adequacy of the proposed plan.