BUSINESS REPORTER
MUSCAT, MARCH 15
The Capital Market Authority (CMA) on Tuesday reviewed an official delegation representing the Supervisory Authority of Insurance and Social Welfare (SAISW) of the Kingdom of Morocco (SAISW).
The meeting was an opportunity for SAISW to share details of its mandate and responses. The CMA, for its part, shared details of the Sultanate of Oman’s experience in the regulation of the insurance market, including the preparations for enhancement of the regulatory and digital infrastructure for launching the compulsory health insurance scheme for the employees of the private sector, expatriates and visitors. An overview of Oman’s coverage against calamities, digital insurance and underlying regulations were outlined as well.
The meeting came in the framework of a three-day visit of the Moroccan delegation aimed of discussing ways of joint cooperation between the two countries in the insurance sector, exchange of expertise in the supervision of insurance institutions and enhancing the regulatory systems to upgrade the insurance market in the two countries.
The Moroccan delegation was introduced to the CMA’s experience in the calculation of the risk based solvency in additional to the national programme for qualification of national cadres in the insurance sector ‘Tamkeen’, beside the compulsory health insurance scheme for the employees of the private sector, expatriates and visitors, reinsurance, insurance services and digital transformation in the insurance sector.
SAISW which was established in 2016 as the regulator of the insurance sector and social welfare in a numbers of issues related to the supervision of the risks, Takaful insurance, coverage for calamities and digitalisation of the insurance sector.
On the sidelines of the visit, a memorandum of understanding will be signed on Wednesday between CMA and SAISW in the insurance field on Wednesday. Shaikh Abdullah bin Salim al Salmi, Executive President of the CMA and Othman Khalil al Elmi, Acting President of SAISW, will ink the agreement.
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