The Central Bank of the UAE (CBUAE) announced on Thursday that Cogent Insurance Broker’s (Cogent) license has been withdrawn and its name has been removed from the registry.
The corporation was sanctioned after an investigation found that it had not complied with its regulatory duties.
The penalty was imposed following the discovery by a CBUAE investigation that Cogent had a deficient compliance system and had neglected to fulfill its regulatory requirements.
The CBUAE endeavors to guarantee compliance with UAE laws, rules, and standards by means of its supervisory and regulatory mandates, with the goal of protecting insurance-related professions and firms. This is to protect the integrity and openness of the insurance sector as well as the financial system in the United Arab Emirates.
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