Muscat: The Capital Market Authority (CMA) issued two administrative decisions 1/2021 and 2/2021 on Tuesday.
The first decision revoked the license of New Oman Insurance and Reinsurance Services to work in the field of insurance brokerage and cancel its registration from the registry of insurance brokers.
The second decision was to issue a license to Takaful Bausher Trading Company to practice the activity of an insurance agent.
Last week, the Capital Market Authority issued an external administrative decision 101/2020 to cancel the license of Gapcorp Insurance Brokerage to work in the field of insurance brokerage.
In April 2016, the Authority issued a regulation organizing the requirements of the insurance company agent, which includes in its clauses the necessity for the offices of the agents of insurance companies to fulfill the percentage of Omanisation specified in the regulation, and the authorized entities to practice this activity have been given a sufficient period of three years for all their employees to be Omani citizens.
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