HE the Executive President of the Capital Market Authority  has issued disciplinary decision  on CE Heath and Co. (LLC) which carry out insurance brokerage  business imposing  a fine for violating  Clause 14 of the Code  of practice of Conduct  of Insurance Companies.

Clause 14 provides “ Service providers shall avoid conflict of interest, or, if are unavoidable,  will explain the position fully and manage the situation so as to avoid prejudice to any party. In particular, service providers which act on behalf of customers will not put their own interest above their duty to any customer for whom they act.”

The move was made to upgrade the level of performance of the companies carrying out insurance brokerage business

CMA urges all insurance companies and brokers to  comply with the laws and regulations to ensure fairness and protection for all the participants of the market and is keen to ensure the soundness of the Omani insurance market for more professionalism, confidence and credibility.