H.E. Executive President of Capital Market Authority issued a disciplinary decision against National Life and General Insurance SAOC that operates in the insurance sector. The decision imposes a fine on the company for violating the code of professional conduct of insurance sector related to conflict of interest, and also for violating the Article related to regulating requirements of licensing insurance brokerage companies.

This decision comes after an evidence proving the violation as the company joined a contract with an employee of a counterpart insurance company in the market, which caused the conflict of interest.

CMA confirms that all insurance companies and brokers shall consider complying with laws and regulations to ensure achieving fairness and protection to other parties. CMA is keen to the safety of transactions in the Omani insurance market that adds more proficiency, trust and credibility to the sector.