Muscat: The Capital Market Authority (CMA) has issued a decision canceling the license of Vision Insurance Services for carrying out general and life insurance and savings in the Sultanate of Oman.
CMA’s decision was based on the approval of the extraordinary general meeting of Vision Insurance held on 26/12/2002 to dissolve the company and merge with
Omani Qatari Insurance Company SAOG.
CMA emphasizes that the merger of insurance companies is a healthy phenomenon that contributes to enhancing the robust financial position of the merging companies in a single economic entity, which reflects positively on the quality of the insurance service and maintains appropriate insurance prices as well as being one of the available solutions for overcoming market fluctuation and ensures the sustainability of the insurance sector to be able to meet the obligations toward policyholders and enhance competition in the local and global markets.
CMA stated that the merger of the two companies would raise the capital of the company, as the extraordinary general meeting of Omani Qatari Insurance
The company resolved to increase the authorized capital from RO 20 million to RO 30 million and the issued capital will be increased to RO 22 million.
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