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Oman cracks down on insurance firms

Oman's Capital Market Authority (CMA) has imposed penalties on 20 insurance firms since the beginning of the year for violating several rules and regulations, Times of Oman has reported. The penalties were imposed for non-compliance with the minimum percentage of insurance coverage norm stipulated by the regulator for certain category of vehicles. "The CMA, after investigations carried out by the enforcement department, imposed penalties on a number of companies for failing to achieve these percentages," the market watchdog said in a circular.