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.
Read More
- Oman’s Duqm Refinery hits 110% capacity as revenues reach $7 billion
- Oman keeps inflation contained at 2.9% despite global price pressures
- Oman Transport Ministry spends over RO188 million on development projects in nine months
- Oman holds investment-grade rating as S&P sees GDP growth of 3.5%
- Oman’s new public joint-stock company rules tighten disclosure, investor protection requirements
