HE the Executive President of the Capital Market Authority issued disciplinary decision imposing a financial penalty on the Iranian Insurance Company (Muscat Branch) for breaching Article (3) of the Regulation for Licensing Requirements of  Insurance Agents for dealing with an unlicensed person to act as insurance agent.

Articles (3) provides “The Company shall not delegate any person or more to act as an agent on its behalf unless after obtaining a license from the CMA”.

CMA issued the Regulation for Licensing Requirements for Insurance Agents vide decision No. E/28/2016 to safeguard the soundness of marketing insurance products in the Sultanate to maintain the rights of insurance policyholders and to furnish highest standards of professional practices. 152 insurance agents are licensed to carry out the business in the Sultanate.

CMA calls on all insurance companies to observe the applicable  laws and regulations of the industry.