Tuesday 23 / April / 2024
Muscat: A decision has been issued to suspend Guarantee Insurance Services Company from practicing its licensed activity for four months for violating the Regulation of the Capital Market Authority (CMA).
CMA said in a statement: "The Capital Market Authority has issued a decision suspending Guarantee Insurance Services from carrying out the licensed activity for four months to adjust its situation according to the legal requirements for violating Article 22 of the Insurance Brokers Regulation which provides the following:
Insurance broker shall submit to the CMA audited annual balance sheet and financial statements within not more than 90 days from the end of the financial year. "
CMA urges 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.
