CMA cancels license of Al Dhaman Insurance Services

The Capital Market Authority (CMA) has issued a decision canceling the license of Al Dhaman Insurance Services Company related to carrying out insurance brokerage business and deregistering the company from the insurance brokers’ register for failing to adjust its situation in line with the statutory requirements during the suspension period.

The CMA earlier issued a decision to suspend the company from carrying out the licensed business for four months in line with the statutory requirements for violating Article (4) of the Insurance Brokers Regulation.

The Article provides that the broker must file with the CMA two audited annual budgets and the accompanying accounts within no more than ninety (90) days of the end of the financial year.

CMA is keen to oblige all insurance brokers to file their audited financial statements to follow up on their financial positions and to ensure the company complies with all statutory and technical requirements to provide adequate protection for all the parties dealing with the broker.