UAE Central Bank revokes license of Galaxy Insurance Broker for weak compliance
CBUAE said the broker failed to comply with regulatory obligations
The Central Bank of the UAE (CBUAE) has revoked the licence of Dubai-based Galaxy Insurance Broker, according to state news agency WAM.
UAE’s apex bank struck the company’s name off the Register, pursuant to Article 22 (2) of the Board of Directors Resolution No. 15 of 2013 Concerning Insurance Brokerage Regulations.
In a statement on Friday, the bank said that the administrative sanction is a result of the findings of an examination conducted by the CBUAE, which found 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 the transparency and integrity of the insurance industry and the UAE financial system.
Recently, the CBUAE has allowed licensed entities ample time to align their processes with compliance requirements. The latest enforcement measures signal a shift towards stricter regulatory oversight in the UAE’s insurance sector.