The licence of Cogent Insurance Broker (Cogent) has been revoked and its name struck off the registry, the Central Bank of the UAE (CBUAE) announced on Thursday.
The sanction was meted out after a CBUAE probe revealed that Cogent had a weak compliance framework and failed to comply with its regulatory obligations.
The CBUAE, through its supervisory and regulatory mandates, works to ensure that all insurance companies and insurance-related professionals abide by the UAE laws, regulations and standards adopted by the CBUAE. This to safeguard the transparency and integrity of the insurance industry and the UAE’s financial system.