Categories: Banking

CBUAE cancels license of insurance broker

The Central Bank of the UAE (CBUAE), revoked the licence of Galaxy Insurance Broker (Galaxy), an insurance broker operating in the Emirates due to noncompliance with regulations.

Additionally, the authority removed its name from the registry.

The Central Bank’s investigation into Galaxy’s lackluster compliance framework and regulatory noncompliance led to the imposition of the administrative sanction.

The Central Bank endeavors to guarantee compliance with UAE laws, regulations, and standards by means of its supervisory and regulatory mandates, with the goal of protecting the transparency and integrity of the insurance industry and the country’s financial system, by all insurance companies and insurance-related professionals.

Business Now Desk

Recent Posts

CareersBar: Where Global Talent Meets AI-Powered Hiring and Career Well-being

CareersBar's MVP is now formally live following months of intense development and user feedback, offering…

2 days ago

Taskip: The All-in-One Client and Workflow Management Platform Built for Digital Agencies

Taskip revolutionizes how agencies handle the entire customer lifecycle

1 week ago

SyncManager in Action: Turning AI into a Business Backbone Across Industries

The AI assistants in SyncManager go far beyond a traditional chatbot, working across systems on…

1 week ago

Meet Arif Amiri: CEO of Dubai International Financial Centre

He joined DIFC in 2014 as Deputy CEO and after a year became CEO of…

3 weeks ago

Kabina Agency: Transforming Ideas into Digital Masterpieces

Kabina is your technical and creative partner, not just a supplier. With a group of…

1 month ago

Scrubbe: The Unified, AI-Driven Security Platform for Modern Digital Enterprises

In the field of cybersecurity, Scrubbe represents a significant innovation, offering a unified and AI-driven…

1 month ago