The Capital Market Authority has issued a decision to suspend 36 insurance agents for violating Article 4 Clause 9/a of the regulation for licensing insurance agents for failure to adjust their situations in accordance with the provisions related to Omanization of the insurance agent’s business to effect 100% Omanization as stated in the regulation after the lapse of the grace period granted by the CMA despite being exempted by the Executive President and extension of the period for adjustment.
The move comes as part of the Tamkeen initiative adopted by the CMA to enhance the ability of the insurance sector to accommodate national cadres based on training and qualification plan to gradually achieve the targeted Omanization ratios.
CMA had issued in April 2016 the regulation for licensing insurance agents including meeting specific Omanization ratios and the licensed entities were granted a three year grace period to Omanize the business.
Tamkeen initiative aims to enhance the sector to accommodate the national cadres to add value to the sector due to the competitive edge and opportunities to prepare entrepreneurs specialized in marketing insurance products.
It is noteworthy that CMA endeavors to achieve qualitative Omanization ratios focusing on various employment levels at specific percentages concurrently with the progress of the industry in the Sultanate, its expansion and increased awareness and turnout for insurance products.