Holborn Assets had its insurance intermediary licence suspended on 18 June after having violated rules introduced in 2013 concerning the insurance brokerage system and its amendments, according to IA Circular No. 29 issued to life companies in the UAE.
Details of what caused the licence suspension by the IA were not released.
On Monday, the IA issued a fresh circular (No.34) in which it stated: ”After reviewing the company rectification plan, the Authority decided to lift the suspension and allow the company to continue to practice the profession of insurance brokerage.”
A spokesman for Holborn said: “It is business as usual at Holborn Assets.”
The lifting of the ban by the IA has surprised many industry participants in Dubai, as the original suspension was expected to last three months. However, without any detail over the nature the issue which triggered the suspension, it was hard for them to draw any conclusions from the regulator’s action.
One source described the problem as a “procedural issue” and not related to speculation that some mis-selling of a capital redemption product had occurred.
