The Capital Market Authority has issued two disciplinary decisions penalizing Oman Insurance for infringing the provision of Article 8 of the Executive Regulation of the Insurance Companies Law and the second decision warned Royal Nawras Insurance Brokers LLC for infringing the provisions of the Regulation.
Decision No. 3/2015 imposed RO 1,500 fine on Oman Insurance for infringing Article 8 of the Executive Regulation of the Insurance Companies Law which provides “ The company shall submit to CMA detailed statement on its obligations for life insurance and latest general insurance operations including the value of retained amounts and the provisions for meeting such obligations at their book value or market value whichever is lesser one month prior to the general meeting of the company if a national company or not later than February if a branch of a foreign company.”
Decision No. 2/2015 warned Royal Nawras Insurance Brokers to adjust their status according to the provisions of Insurance Brokers’ Regulation No. 53/2013 in three months from the date of the decision.
CMA stresses the importance of compliance with the laws and regulations for sound performance and the protection of the rights of the participants.
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