By WAM:
The UAE central bank on Monday announced the cancellation of the license issued to IRIS Health Services LLC.
The bank said the cancellation was in accordance with the applicable instructions and procedures for licensing health insurance third-party administrators and regulation and control of their business.
IRIS Health Services is a third-party administration service company providing medical benefit and claims administration services.
UAE laws and regulations
The central bank said its action is in accordance with its supervisory and regulatory mandates to ensure that all insurance companies and professions related to insurance companies comply with the UAE laws and regulations adopted by it.
We need to safeguard the transparency and integrity of the insurance industry and the UAE financial system, the bank said.
The UAE central bank has been strictly monitoring the practice of the local insurance sector to ensure that all the companies adhere to the local laws.
The central bank imposed an administrative sanction on two insurance companies last June for their failure to meet its regulatory obligations.
One of the firms was prohibited from issuing additional insurance policies to new customers for one year.
In December last year, new guidelines were issued for the insurance sector to combat money laundering and financing of terrorism.
Companies across the sector were given one month time to comply with the new regulations.