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UAE: Central Bank cancels licence of insurance broker
The administrative sanction comes after a Central Bank investigation revealed lapses in compliance
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The Central Bank of the UAE (CBUAE) on Friday revoked the licence of Galaxy Insurance Broker (Galaxy), an insurance broker operating in the Emirates, for failing to comply with regulations.
The authority also struck its name off the registry.
The administrative sanction comes after a Central Bank investigation revealed that Galaxy had a weak compliance framework and failed to comply with its regulatory obligations.
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The Central Bank, through its supervisory and regulatory mandates, works to ensure that all insurance companies and insurance-related professionals abide by the UAE laws, regulations and standards that have put in place to safeguard the transparency and integrity of the insurance industry and the nation's financial system.
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