The Central Bank of the UAE (CBUAE) made a significant announcement on Thursday, revealing the revocation of the license of Cogent Insurance Broker (Cogent). Simultaneously, the entity’s name has been expunged from the registry. 

This stringent measure was imposed following a thorough investigation by the CBUAE, which uncovered serious deficiencies in Cogent’s compliance framework and its failure to adhere to regulatory obligations.

Compliance Failures Unveiled:

The regulatory probe conducted by the CBUAE brought to light the presence of a weak compliance framework within Cogent, raising concerns about the company’s ability to meet essential regulatory standards. 

The failure to fulfill regulatory obligations further contributed to the sanctions imposed by the central bank.

CBUAE’s Mandate for Industry Integrity:

The Central Bank of the UAE, by its supervisory and regulatory mandates, strives to ensure that all insurance companies and professionals in the insurance sector strictly adhere to UAE laws, regulations, and standards set by the CBUAE. 

This robust oversight is designed to uphold the transparency and integrity of the insurance industry, thereby safeguarding the UAE’s overall financial system