The Capital Market Authority (CMA) has issued a decision canceling the licence of AIG MEA Limited (Oman branch) to practice insurance business in Oman.
The decision 31/2020, issued by Abdullah bin Salim bin Abdullah al Salmi, Executive President, CMA, cancelled the licence of AIG MEA Limited (Oman branch) with effect from June 30, 2020.
The decision 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 Commerce 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, authorising 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).