CMA Imposes Penalty on Gulf Insurance Services Company

08 September 2015

HE the Executive President of  the Capital Market Authority has issued disciplinary decision against Modern Gulf Insurance Services Company which is carrying out the business of insurance broker imposing a fine on the company for violating the provisions of Article 17 of the Insurance Brokers’ Regulation.


The regulations requires the broker to file the audited annual accounts and balance sheet within  3 months from the end of the financial year.


The regulation was issued to upgrade and regulate  the performance of insurance brokers.


CMA emphasized the importance of compliance with the laws and regulations governing the sector to ensure fairness and protection for all participants.