Central Bank of UAE Revokes Galaxy Insurance Broker's Licence Due to Weak Compliance

The Central Bank of the UAE (CBUAE) has revoked the licence of Dubai-based Galaxy Insurance Broker, according to state news agency WAM.

The UAE's apex bank has removed the company’s name from the Register, pursuant to Article 22 (2) of the Board of Directors Resolution No. 15 of 2013 concerning Insurance Brokerage Regulations.

The bank said in a statement that the administrative sanction resulted from an examination conducted by the CBUAE, which found that Galaxy had a weak compliance framework and failed to meet its regulatory obligations.

Through its supervisory and regulatory mandates, the CBUAE works to ensure that all insurance companies and insurance-related professionals adhere to UAE laws, regulations, and standards adopted by the CBUAE to safeguard the transparency and integrity of the insurance industry and the UAE financial system.

Recently, the CBUAE has given licensed entities ample time to align their processes with compliance requirements. The latest enforcement measures signal a shift towards stricter regulatory oversight in the UAE’s insurance sector.

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