The Central Bank of the UAE, through its regulatory and supervisory duties, works to ensure that all insurance companies and related professions comply with applicable laws.
He decidedCentral Bank of the United Arab EmiratesThe license of Galaxy Insurance Brokers operating in the UAE has been cancelled and its name has been removed from the register, in accordance with the provisions of Article 22 (2) of Board of Directors Resolution No. (15) of 2013 regarding the Insurance Brokerage System.
The Central Bank said in a statement today that this administrative penalty comes as a result of the inspections conducted by the Central Bank, which revealed the company’s weak compliance framework and failure to meet the requirements related to regulatory and supervisory obligations.
Through its regulatory and supervisory duties, the Central Bank of the UAE works to ensure that all insurance companies and related professions comply with the laws in force in the country and the Central Bank’s regulations, with the aim of maintaining the transparency and integrity of the insurance sector and protecting the country’s financial system.
