Capital Market Authority takes disciplinary action against insurance firm

Muscat: The Capital Market Authority (CMA) has initiated disciplinary action against the Al Madina Takaful Insurance Company for violating some provisions of the Unified Policy for Vehicle Insurance. According to a press release, the company had violated the policy when provided road assistance service as a compulsory, not optional benefit in the policy, against a specified premium, and did not comply with the correct calculation method of supervision and surveillance fees. CMA made this decision on the basis of its surveillance and supervisory role in the insurance sector, and for promoting CMA’s aim to upgrade and develop performance of companies operating in insurance sector to get companies prepared and ready for the coming period of insurance demand in the sector. It has also indicated to all insurance companies and brokers, the significance of complying with regulatory laws and regulations in order to ensure fairness and protection for the concerned parties. CMA is keen to ensure sound dealings in the Omani insurance market, added the press release.