The executive president of Oman's Capital Market Authority has issued four disciplinary decisions that impose fines on Al Iz Insurance Services LLC, Al Wiqayah Insurance Services LLC, Oman New Insurance and Reinsurance Services LLC and New Gulf Insurance Services LLC for breaking Article 17 of the Insurance Brokers Regulation.

Al Iz Insurance Servies and Al Wiqayah Insurance Services failed to send the regulator the final statements and accounts for the year ending on 31 December 2015, whereas New Gulf Insurance Services and Oman New Insurance and Reinsurance delayed sending off the final statements and accounts for the year ending on 31 December 2015.

Article 17 Insurance Brokers Regulation dictates that “the broker shall file the audited balance sheet and the attached accounts in not more than three (3) months from the end of the financial year.”

The regulator aims to upgrade the woeful performance of insurance brokers in meeting their obligations when marketing insurance products in Oman and is emphasising the importance of observing laws and regulations in the interests of 'investor protection.'