The Central Bank of the UAE (CBUAE) has cancelled the licence of Galaxy Insurance Broker and removed its name from the Register, WAM reported.
The decision was made under 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 revealed that Galaxy had a weak compliance framework and failed to comply with its regulatory obligations, the report said.
The central bank did not provide details about the specific regulatory breaches or the duration of the examination.
This oversight aims to “safeguard the transparency and integrity of the insurance industry and the UAE financial system”, according to the report.
The central bank did not disclose how many clients or policies might be affected by Galaxy’s licence revocation, nor did it provide guidance for the broker’s existing customers.
This action demonstrates the CBUAE’s ongoing efforts to maintain regulatory compliance within the UAE’s financial sector.
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