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.
Oman Observer is now on the WhatsApp channel. Click here
