Dubai-based Holborn Assets Insurance Brokers has had its UAE Insurance Authority license reinstated after less than a month after it had been suspended for a period of three months.
A spokesperson for Holborn Assets told International Investment that it was now “business as usual” in the UAE, declining to comment further on the matter.
As reported, the IA had issued a circular confirming the suspension for a period of three months or “until it is satisfied that the company has improved its performance”.
Holborn Assets confirmed that it has been able to overturn the ban lifted less than a month into the IA’s suspension period.
The IA website document which was dated June 17, entitled ‘Circular No. 29 of 2018′ concerned the suspension of Holborn Assets Insurance Brokers from practising the profession of insurance brokerage’, in which it confirmed that the company had been suspended at that time.
The IA had originally also written to regulated insurance companies notifying them of their action.
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.