CMA Imposes Fines on  Four Insurance Brokers

HE the Executive President of the Capital Market Authority has issued four disciplinary decisions  imposing fines on Al Iz Insurance Services LLC, Al Wiqayah Insurance Services LLC, Oman  New Insurance  and Reinsurance Services LLC and New Gulf Insurance Services LLC for violating Article 17 of the Insurance Brokers Regulation.

Al Iz Insurance Servies and Al Wiqayah Insurance Services failed to file the final statements and accounts for the year ending on 31 December 2015,  New Gulf  Insurance Services and Oman New Insurance and Reinsurance  delayed filing the  final statements and accounts for the year ending on 31 December 2015.

Article 17 of the Insurance Brokers Regulation provides “ The Broker shall filed the audited balance sheet  and the attached accounts in not more than three (3) months from the end of the financial year.”

The move aims to  upgrade the performance of insurance brokers in meeting the requirements for marketing insurance products.

CMA emphasizes the importance of  observing the laws and regulations to ensure fairness and protection of all the participants and soundness of transactions in the insurance market and to boost confidence and credibility.