The Central Bank of the UAE (CBUAE) revoked the license of Galaxy Insurance Broker (Galaxy) on Friday, an insurance broker operating within the Emirates, due to non-compliance with regulations. The authority also removed its name from the registry. This administrative action follows a Central Bank investigation that uncovered Galaxy's inadequate compliance framework and failure to meet its regulatory responsibilities. The Central Bank, exercising its supervisory and regulatory powers, is committed to ensuring that all insurance companies and related professionals adhere to the UAE's laws, regulations, and standards designed to maintain the transparency and integrity of the insurance industry and the nation's financial system.