Oman - CMA cancels license of insurance firm
Monday, 07 06 2020, Category: Insurance and Reinsurance, Country: Oman
Abdullah bin Salim bin Abdullah al Salmi, Executive President of Capital Market Authority (CMA) has issued an administrative decision, canceling the license of AIG MEA Limited (Oman branch) to practice insurance business.
Article 1 of the decision 31/2020 states decided to cancel the license of AIG MEA Limited (Oman branch) for practicing insurance business, as of June 30, 2020.
Article 2 referred to the publication of the decision in the official gazette.
The administrative decision of the Capital Market Authority comes in accordance with the Insurance Companies Law promulgated by Royal Decree 79/12, the Vehicle Insurance Law issued by Royal Decree No. 34/94 and Royal Decree No. 2004/90 to transfer insurance powers from the Ministry of Trade and Industry to the Capital Market Authority.
It is also based on the executive regulations of the Insurance Companies Law promulgated by ministerial decision 80/5, regulating requirements for practicing insurance business issued by decision 2007/31, and administrative decision 2007/22, authorizing AIG MEA (Oman Branch) to practice General insurance business, and until the approval of the Capital Market Authority on March 19, 2013, to amend the commercial title of AIG Memsa Insurance Company Limited (Oman Branch) to AIG MEA Company Limited (Oman branch).
Source: Oman Observer