CMA Cancels the License of Nawras Royal for Breaching Clause 8 of Article 20 of Insurance Brokers Regulation

 

HE The Executive President of the Capital Market Authority has issued a disciplinary decision cancelling the license of Nawras Royal  for repeatedly  breaching Clause 8 of Article 20 of the Insurance Brokers Regulation.

 

Clause 8 of Article 20 of the Insurance Brokers Regulation provides the  brokers shall not  rely on a single insurer in carrying out the business, and shall file to CMA, within 90 days from the end of every financial year, a financial statement certified by an the external auditor showing the number and names of the insurance companies the broker dealt with  during the past year, if the number is less than  three companies the broker must state the reasons.

 

The procedures was taken to upgrade the performance of the companies operating in insurance  to meet the requirements.

 

CMA urges all the insurance companies to comply with the laws and regulations to achieve fairness and protection for all the stakeholders for further professionalism, confidence an credibility.