CMA Organize Workshop on Approval of Insurance Products

24 December 2018

Ahmed Ali Al Mamari, Vice President for Insurance sector said  “We endeavor to organizing this workshop to explain the procedures and mechanisms for approval of insurance products by emphasizing on the key requirements for approval of each product to ease the approval process for marketing in the Omani market which achieve  two objectives, developing the products offered in the Omani market and to ensure high quality products to encourage innovation in offering insurance products in the local market beside providing efficient protection for policyholders.”


He added   “The  review and approval process of insurance products is currently carried out by  Omani youth which makes us proud to see national cadres able to reach such level and contribute to the development of the Omani insurance industry.”


Rashid Al Rashdi, Director of Insurance Institutions Regulation  Department said  in the opening speech” CMA reviewed the rules regulating the process of marketing insurance products, and new rules were drafted to regulate the process in line with the developments and changes in a manner that take into account the technical and legal requirements  for marketing such products. The new rules contain all procedures and mechanisms that lead to improvement of the products available in the Omani market.”


He added “list of requirements for consideration  of the application by CMA is set out as well as mechanism for pre- marking surveillance. You may be guided by the attached annexures to the lists. We assert  our keenness to  provide adequate protection for policyholders through selection of legally and professionally sound products.”


The workshop included  a number of topics  the first was on insurance product and steps of approval, the second was  elaborate explanation of the presentation of insurance products, the third was about actuarial studies required from the company actuary for the insurance product and the fourth was related to explaining all the queries about the insurance products regulations.


The workshop targeted compliance officers of insurance companies, underwriting officers, reinsurance officers  and the employees who  study insurance  products and lastly company actuaries approved by CMA.


The workshop emphasized that the  insurance product must be compatible with the code of conduct of insurance companies, the product must be designed  based on sound insurance principles, the risks must be clear and transparent without any ambiguity and the  policy must be fair for both the insured and insurer.


The regulation was  issued in October 2017  to provide for professional standards to enhance the quality of the  products in light of the market’s expansion and evolvement.