CMA imposes fin on Al Madina Takaful for violating the Unified Policy for Vehicle Insurance

Capital Market Authority imposed a disciplinary decision against Al Madina Takaful Insurance Company SAOG for violating some provisions of the Unified Policy for Vehicle Insurance issued by decision number E/19/2016.

The company violated the policy when provided the road help service as a compulsory not optional benefit in the policy against a specified premium, and did not comply with the correct calculation method of supervision and surveillance fees.

CMA made this decision basing on its surveillance and supervisory role in the insurance sector, and for promoting CMA’s aim to upgrade and develop performance of companies operating in insurance sector to get companies prepared and ready for the coming period of insurance demand in the sector.

CMA confirms to all insurance companies and brokers on the significance of complying with regulatory laws and regulations in order to ensure fairness and protection to concerned parties. CMA is keen to ensure sound dealings in the Omani insurance market which credits the market with more proficiency, trust and creditability.