CMA Cancels the License of Al Dhaman Insurance Services

The Capital Market Authority has issued a decision cancelling the license of Al Dhaman Insurance Services Company LLC related to carrying out insurance brokerage business and deregister the company from insurance brokers’ register for failing to adjust its situation in line with the statutory requirements during the suspension period.

The CMA had earlier issued a decision to suspend the company from carrying out the licensed business for four (4) months in line with the statutory requirements for violating Article (4) of the Insurance Brokers Regulation. The Article provides that the broker must file with the CMA two audited annual budgets and the accompanying accounts within no more than ninety (90) days as of the end of the financial year.

CMA is keen to oblige all insurance brokers to file their audited financial statements to follow up their financial positions and to ensure the company comply with all statutory and technical requirements to provide adequate protection for all the parties dealing the with the broker.