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.
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