Skip to main content

Article (28): Provision of Data and Information

1)

The Companies and the Insurance-Related Professionals shall provide any data or information requested the CBUAE concerning them or about any Company related or associated therewith in any manner whatsoever, within the period of time set by the CBUAE.

2)

The Company’s Board of directors shall invite the CBUAE to attend the general assembly meeting before at least (15) fifteen days from date of its convention. the CBUAE may assign one of its employees to represent it for such purpose.

3)

the CBUAE may assign one or more of its employees to verify or audit any of the Company’s transactions, records or documents, within the normal business hours of the Company. The Company shall put any of the aforesaid at the disposal of the so assigned employee and shall cooperate with him to enable him to fully perform his duties.

4)

CBUA may, based on the audit result, assign Experts, Consultants, Actuaries or Auditors to audit/check the Company’s operations, evaluate its positions and submit a report thereon. The Company shall cooperate with them in a manner that enables them to fully perform their duties. The company shall bear their remunerations, as determined by the CBUAE for any one of them.

5)

It is prohibited for Expert, Consultant, Actuary or Auditor to disclose to any third party whatsoever any information received under Clause (4) above without obtaining the CBUAE’s written approval, except for the disclosure that is based on a court order.