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Business News

CMA suspends 36 insurance agents in Oman

TAS News Service

Tuesday, December 29, 2020

MUSCAT : The Capital Market Authority (CMA) suspended 36 agents of various insurance companies for failing to achieve 100 per cent Omanisation.

In a statement issued, CMA said the agents were suspended after failing to meet the deadline “for reconciling their positions.”

CMA has clarified that the decision was issued on the companies violation of the provisions of Article No. (4) Clause (9 / A) of the Regulations  of Licensing Requirements for Insurance Company Agents due to their lack of commitment to adjust their status in accordance with the provisions of the Regulation related to Omanisation of Insurance Company Agents’ activities in the stipulated percentage which is 100 per cent.