Central Bank revokes license of Galaxy Insurance Brokers

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Abu Dhabi: “The Gulf”
The Central Bank of the United Arab Emirates decided to cancel the license of Galaxy Insurance Brokers operating in the UAE and delete its name from the register, in accordance with the provisions of Article 22 number 2 of the Board of Directors. (15) of 2013 on the insurance mediation system.
This administrative penalty is the result of inspections carried out by the Central Bank, which revealed the company’s weak compliance framework and non-compliance with requirements related to regulatory and supervisory obligations.
The Central Bank of the Emirates, through its regulatory and supervisory functions, works to ensure that all insurance companies and related professions comply with the laws in force in the country and the regulations of the Central Bank, with the aim of preserving transparency and integrity. to protect the insurance sector and the country’s financial system.