CMA Suspends Guarantee Insurance Services

The Capital Market Authority has issued a decision suspending Guarantee Insurance Services from carrying out the licensed activity for 4 months to adjust its situation according to the legal requirements for violating Article 22 of the Insurance Brokers Regulation which provides “Insurance broker shall submit to the CMA audited annual balance sheet and financial statements within not more than ninety (90) days from the end of the financial year.”

CMA is keen to obligate all insurance brokers to submit their audited financial statements to follow up their financial positions to ensure they meet all the legal and technical obligations to provide adequate protection for all the parties dealing with the broker.