Muscat: Capital Market Authority fined the Iranian Insurance Company (Muscat Branch) for dealing with an unlicensed person.
A statement issued online by Capital Market Authority (CMA) said: "His Excellency the Executive President of the CMA issued a disciplinary decision imposing a financial penalty on the Iranian Insurance Company (Muscat Branch) for breaching Article (3) of the Regulation for Licensing Requirements of Insurance Agents for dealing with an unlicensed person to act as an insurance agent."
Articles (3) states: "The Company shall not delegate any person or more to act as an agent on its behalf unless after obtaining a licence from the CMA."
"CMA issued the Regulation for Licencing Requirements for Insurance Agents vide decision No. E/28/2016 to safeguard the soundness of marketing insurance products in the Sultanate to maintain the rights of insurance policyholders and to furnish the highest standards of professional practices. 152 insurance agents are licenced to carry out the business in the Sultanate. CMA calls on all insurance companies to observe the applicable laws and regulations of the industry," added the statement.