The Sultanate of Oman represented by the Capital Market Authority  participated recently  in the Arab Insurance Supervisors Forum which  was held in the Arab Republic of Egypt. The event coincided with the Egyptian Capital Market Authority’s celebration of the diamond jubilee of the first insurance legislation in Egypt and the Arab world which was issued by a royal Decree promulgating the Law No. 92/1939 and the establishment of the first insurance supervisor in Egypt.

 

 HE Sheikh Abdullah Salim Al Salmi, Executive President of the Capital Market Authority presided the Sultanates delegation which comprised Ahmed Ali Al Mamari, Director General of Insurance Supervision and Ahmed Salim Al Harrasi Senior Specialist at the Department of Compliance and Examination.

 

The forum discussed issues relating to insurance sector on the regional and global levels to upgrade the laws and regulations regulating the sector, enhancing the role of insurance supervisory authorities in the regulation of Arab insurance markets to upgrade insurance industry through the  creation of Arab institutional framework with the aim of harmonizing the regulatory and supervisory  framework of the Arab markets, lifting the level of information and supervisory expertise exchange and provision of the technical assistance in this field in view of the rapid developments in the Arab insurance industry.

 

The delegation participated, on the sidelines of the forum, in the sixth Conference of Private Arab Insurance Funds which discussed the new trends in the management of private insurance funds and assessment of the investment performance of insurance reserves in view of the investment standards specified in the law and regulations in addition to reviewing the modern models of management of funds.

 

The Forum was established to enhance the cooperation between Arab Insurance Supervisors through exchange of information and expertise and cooperation in the field of legislative frameworks of insurance in line with the international insurance supervision standards through communication with international institutions such and the International Association of Insurance Supervisors.