UAE Central Bank revokes licence of insurance broker

The Central Bank of the UAE (CBUAE) has revoked the licence of Galaxy Insurance Broker and struck the company's name off its official register.

This action follows a recent examination revealing that the firm had significant compliance issues and failed to meet regulatory standards.

CBUAE enforces these regulations to maintain transparency and integrity in the UAE’s insurance industry and financial system.

The #CentralBankUAE has revoked the licence of Galaxy Insurance Broker (Galaxy), an insurance broker operating in the UAE, and struck its name off the Register, pursuant to Article 22(2) of the Board of Directors Resolution No. 15 of 2013 Concerning Insurance Brokerage…

— Central Bank of the UAE (@centralbankuae) July 26, 2024