The Capital Market Authority has issued a decision suspending Guarantee Insurance Services from carrying out licensed activities for four months while it regularizes its status into line with legal requirements.
The suspension is for violating Article 22 of the Insurance Brokers Regulation which stipulates that: “Insurance broker shall submit to the CMA audited annual balance sheet and financial statements within not more than ninety (90) days from the end of the financial year.”
“CMA is keen to obligate 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,” the Authority stated
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