The Central Bank of the UAE (CBUAE) has revoked the licence of Galaxy Insurance Broker (Galaxy), an insurance broker operating in the UAE, and struck its name off the Register.
The national bank said the administrative sanction is a result of the findings of an examination conducted by the CBUAE, “which revealed that Galaxy had a weak compliance framework and failed to comply with its regulatory obligations.”
The CBUAE, through its supervisory and regulatory mandates, works to ensure that
all insurance companies and insurance-related professionals abide by the UAE laws,
regulations and standards adopted by the CBUAE to safeguard transparency and
integrity of the insurance industry and the UAE financial system.
