MUSCAT: Oman’s Capital Market Authority (CMA) has suspended the licence of Guarantee Insurance Services for four months after the company violated the Insurance Brokers Regulation.
In a statement issued, CMA said it has given the company “four 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,” CMA added.
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