UAE Central Bank cancels licence of health insurance company for non-compliance – News

The company is a third-party administration service company providing medical benefit and claims administration services



Published: Mon 6 Feb 2023, 10:01 AM

Last updated: Mon 6 Feb 2023, 2:42 PM

The Central Bank of the UAE (CBUAE) on Monday said it has cancelled the licence of Iris Health Services for not complying with the applicable guidelines.

The regulator said the licence has been cancelled in “accordance with the applicable instructions and procedures for licensing health insurance third party administrators and regulation and control of their business.”

The company is a third-party administration service company providing medical benefit and claims administration services.

The Central Bank has been strictly monitoring the practice of the local insurance sector to ensure that all the companies adhere to the local laws.

In June 2022, it had imposed an administrative sanction on two insurance companies for 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 operating in the insurance sector – including insurers, reinsurers, agents and brokers – were given one month time to comply with the new regulations.

The Central Bank on Monday said it would ensure that all insurance companies and professions related to insurance companies comply with the UAE laws and regulations adopted by the regulator in order to safeguard the transparency and integrity of the insurance industry and the UAE financial system.

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Cigna Worldwide Insurance Company Receives Branch License in Saudi Arabia, Plans Growth in the Kingdom

  • Cigna Worldwide Insurance Company is the first international health insurance provider to receive a branch license from the Saudi Central Bank to operate as a health insurer in the Kingdom of Saudi Arabia
  • Cigna will introduce a new proposition in the Kingdom, focused on offering localized health solutions with global capabilities
  • Cigna is committed to the growth of the health insurance sector in the Kingdom, in line with Vision 2030

RIYADH, Saudi Arabia, Feb. 6, 2023 /PRNewswire/ — Cigna Worldwide Insurance Company today announced that it has received an official branch license from the Saudi Central Bank (SAMA) to operate as a health insurer in the Kingdom of Saudi Arabia.

The announcement makes Cigna Worldwide Insurance Company the first international insurance provider to receive a branch license to operate in the Kingdom. Cigna Worldwide Insurance Company is part of the global Cigna group of health services companies serving over 180 million customers and patients in over 30 countries around the world (Cigna).

This license will enable Cigna to offer its best-in-class high-quality, affordable, and localized health insurance solutions, backed by its global capabilities to individuals, companies, and government entities in the Kingdom.

Cigna is committed to the growth of the health insurance sector in the Kingdom, in line with Vision 2030.

“This marks a significant milestone for Cigna in the Kingdom and across the Middle East and Africa region,” said Jason Sadler, president, Cigna International Health. “The license enables us to deliver a stronger value proposition, access, and service to our clients through a host of proprietary health and well-being products and services. Cigna has been in the region for nearly two decades, initially through local partners and then independently. We have a deep-rooted knowledge of the Middle East health insurance market, which helps us

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