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.
The Central Bank said in a statement today that this administrative penalty comes as a result of inspections by the Central Bank, which showed the company’s weak compliance framework and non-compliance with requirements related to regulatory and supervisory obligations.
The Central Bank of the Emirates works through its regulatory and supervisory functions 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.
