The Sultanate of Oman represented in CMA is participating in the 21st annual conference held in Amsterdam. The delegation is headed by H.E sheikh Abdullah Al Salmi, Executive President of CMA, and Ahmed Al Maamari, Acting Director of Insurance Regulation, Salim Bait Mubarak, Senior Researcher of H.E.’s Office, and Nasr Al Salhi, Director of Valuation and Risk Surveillance Department as members.
CMA’s keenness for this participation comes as part of its desire to get benefit of developed countries’ experience in the insurance industry, and to identify adopted regulations in this sector, besides being introduced to the latest updates in the international insurance market.
Participants discussed in the conference the most significant subjects and issues relevant to regulative entities of insurance sector in the world. Some of the issues discusses the challenges and developments facing international insurance markets, and presents standards of capital efficiency of insurance companies, and requirements of basic capital. Moreover, new principles of insurance companies governance were discussed together with their implementation method that would provide good management and sound track that protect concerned parties including policyholders.
Form the other side, the conference discussed the capital market subject and the business environments’ challenges under the fluctuating interest prices. Mechanisms and methods for overcoming these challenges were also presented.
Its worth to mention that the international Association of Insurance Regulators was established in 1994. It represents regulating and supervising entities for insurance sector in 140 countries of the various continents that forms 97% of the gross insurance premium in the world. . The Association seeks to promote the regulative and supervisory roles as per international standards in order to develop the insurance industry, and establish fair insurance markets with high quality services, and to guarantee effective protection for policyholders.