The Central Bank of the UAE (CBUAE) announced on Friday that it has revoked the licence of Galaxy Insurance Broker (Galaxy), an insurance brokerage firm operating in the Emirates, due to regulatory non-compliance.
In addition to revoking the licence, the Central Bank has removed Galaxy Insurance Broker from its registry. This administrative sanction follows a Central Bank investigation that uncovered significant weaknesses in Galaxy’s compliance framework and a failure to meet regulatory obligations.
The Central Bank emphasized its commitment to ensuring that all insurance companies and insurance-related professionals adhere to UAE laws, regulations, and standards designed to maintain transparency and integrity within the insurance industry and the country’s financial system. The CBUAE, through its supervisory and regulatory mandates, actively works to uphold these standards to protect the financial sector.
