The Capital Market Authority restructured 23 online services rendered to the public in the insurance and capital market sectors through reducing the average period required to render the service from 11 to 5 working days at 45% streamlining for ten services in the capital market sector and streamlining thirteen services in the insurance sector from five working days to one and half working days at 30% streamlining.
The move came after the CMA’s restructuring team conducted study and analysis of the services rendered to various segments of the community for streamlining. The team concluded that twenty-three services in the capital market and insurance sectors need streamlining.
CMA focused on the services related to the companies operating in the field of securities and their activities such as audit firms, internal audit firms, law firms, approving prospectuses, establishment of public companies, crowdfunding platforms and special purpose companies. In the insurance sector, the restructured services include insurance agents, brokers, third party administrators, health insurance revenue cycle administrators and the activity of valuation of cancelled vehicles as a result of an accident.
Restructuring is in line with Oman Vision 2040 for the purpose of analyzing and restructuring work processes in the institutions to reduce the time required for achieving the work through streamlining.