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.
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.
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.
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