CMA raps insurance agency

The Capital Market Authority (CMA) has issued a warning to a local insurance agency found to be charging commissions in violation of market regulations. Al Afdhal Insurance Services was issued a “disciplinary decision” for violating Clause 4 of Article 12 of the Regulation for Licensing Requirements For Insurance Agents, the Authority said in a tweet. The provision bars agents from receiving any commissions or fees from the insurance applicant, insured or beneficiary. The penalised agency can appeal the decision, the Authority added.