CMA fine on Iranian Insurance Company

BUSINESS REPORTER - MUSCAT, FEB 14 - The Disciplinary Committee constituted by the Board of Directors of the Capital Market Authority (CMA) has imposed RO 10,000 fine on the Iranian Insurance Company for breaching Article 60 of the Insurance Companies Law. According to the law, “all policies issued insurance companies in the Sultanate should be drafted in Arabic or, at least, they should be accompanied by exact Arabic translation.” Iranian Insurance Company issued insurance policies in English and Persian languages with no Arabic translation. The audit team has also detected a number of other violations. CMA emphasises that all insurance companies, brokers and agents must comply with the laws and regulations of the insurance sector for the enhancement and advancement of the insurance industry, and to render appropriate insurance service to protect all the participants including policyholders.