Holborn Assets suspended by UAE Insurance Authority
Dubai-based Holborn Assets Insurance Brokers has had its UAE Insurance Authority license suspended for a period of three months.
In a statement on the Arabic version on its website the IA has issued a circular confirming the suspension for a period of three months or until it is satisfied that the company has improved its performance.
According to Dubai-based sources that International Investment has been speaking to, the IA has written to regulated insurance companies notifying them of their action.
The IA website document which is dated June 17 was entitled ‘Circular No. 29 of 2018 concerning the suspension of Holborn Assets Insurance Brokers from practising the profession of insurance brokerage’, in which it confirmed that the company was currently suspended.
According to various sources that International Investment spoke to the decision to suspend the company was taken following a report to the regulator that Holborn Assets Insurance Brokers had sold a savings or bond policy to a resident within the UAE from a life office that was not licensed by the IA.
The move underlines the IA’s tougher stance on rule breakers, as it bids to bring the region’s financial services in line with other jurisdictions such as the United Kingdom. And the tough stance could signal further movement surrounding proposed changes by the IA in relation to caps on commission, transparency and regulation of adviser behaviour.
Holborn Assets was unable to comment at time of writing this story.