Hotel occupancy rates at 80% were the highest in the region
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.
Stay up to date with the latest news. Follow KT on WhatsApp Channels.
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.
ALSO READ:
Hotel occupancy rates at 80% were the highest in the region
GCC banks have consistently maintained a higher return on equity
FCA asks senior leaders to take personal responsibility for ensuring rules have been complied with
The deal has come under increasing criticism from U.S. politicians
Several checks and balances are already in place to monitor overseas investments
A spokesman for the brand, part of Volkswagen group , on Tuesday described Longo as a person of 'great integrity, culture, capability and sensitivity'
A common challenge for businesses is determining the commencement of their first tax period
ADIB’s rating has been elevated to AA from A in the annual update