The Central Bank of the United Arab Emirates (CBUAE) has revoked the licence of Al Khazna Insurance Company, following its failure to meet regulatory requirements.
The CBUAE’s decision comes after a period of scrutiny where Al Khazna was under suspension and was expected to rectify its compliance issues.
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However, subsequent examinations and follow-up actions by the regulatory authority revealed non-compliance with the Insurance Law and other regulatory directives.
Founded in 1996 by H.H. Sheikh Khalifa bin Zayed Al Nahayan, Al Khazna Insurance has been active in the UAE insurance market, providing general insurance and reinsurance services since its operational commencement in 1997.
Its portfolio includes personal accident, property, group life and medical, motor, liability, marine, energy and aviation insurance, as well as niche products such as credit and affinity products.
Earlier in May 2025, the CBUAE imposed sanctions on five insurance brokers for their failure to adhere to anti-money laundering and combating the financing of terrorism and illegal organisations framework.
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By GlobalDataThe sanctions included financial penalties for two of the brokers and official warnings for the remaining three, although their identities have not been disclosed.
In UAE, CBUAE is the supervisory and regulatory authority, ensuring insurance firms and insurance-related professions comply with the laws, regulations, and standards established by the CBUAE, maintaining the “integrity” of both the insurance sector and the UAE financial system.
