UAE: Central Bank tightens supervision of insurers' funds with intermediaries
Source: Middle East Insurance Review | Jan 2023
The Central Bank of the UAE has called on insurance agents, insurance brokers and health insurance management companies to maintain suspense accounts for each insurance company.
The suspense account is to be used for depositing the premiums or funds belonging to the relevant insurance company and paying what is owed by the insurance company to others, reported newspaper Emirates Today citing a circular issued by the regulator.
Intermediaries have to comply with the instructions, otherwise they will be subject to disciplinary action.
The central bank added that if the accounts were not opened, a copy of bank statements has to be submitted every three months, duly certified by the relevant bank, along with quarterly financial statements. M