UAE Central Bank revokes licence of insurance broker

Friday, 26 July 2024 at 15:16

By ARN News Staff

The Central Bank of the UAE (CBUAE) has revoked the licence of Galaxy Insurance Broker and struck the company's name off its official register.

This action follows a recent examination revealing that the firm had significant compliance issues and failed to meet regulatory standards.

CBUAE enforces these regulations to maintain transparency and integrity in the UAE’s insurance industry and financial system.

The #CentralBankUAE has revoked the licence of Galaxy Insurance Broker (Galaxy), an insurance broker operating in the UAE, and struck its name off the Register, pursuant to Article 22(2) of the Board of Directors Resolution No. 15 of 2013 Concerning Insurance Brokerage…
— Central Bank of the UAE (@centralbankuae) July 26, 2024

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News

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Several people have been reported dead and wounded after a truck collided with a number of vehicles on Fujairah's Sheikh Khalifa bin Zayed Street early Thursday.
Ras Al Khaimah Ruler attends COP31 Leaders’ Summit
His Highness Sheikh Saud bin Saqr Al Qasimi, Supreme Council Member and Ruler of Ras Al Khaimah, led a high-level Emirati delegation at the opening of the COP31 Leaders' Summit in Antalya, Turkey.
H.H. Sheikh Hamdan honours winners of inaugural Dubai-it Award
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UAE Central Bank revokes licence of insurance broker

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