CMA Continues Its Tamkeen Initiative’s Training Programs and Concludes the Governance and Management of Insurance Companies Program

Participants Were Introduced to Important Regulations Related to Governance and Management of Global and National Insurance Companies

As the Capital Market Authority (CMA) continues to provide training programs to qualify national cadres in the insurance sector, it concluded the “Governance and Management of Insurance Companies” program on Thursday; which was organized in cooperation with FIFE.  The program targeted senior management employees in all departments of insurance companies.  It introduced participants with the concept of governance and related terminologies and gave an overview on the most important regulations related to governance and management of global and national insurance companies.  The program was launched at the beginning of the week as one of the approved programs for the year 2023 in Salalah Gardens Hotel in Dhofar Governorate.  This comes as part of the Tamkeen Initiative; which represents the CMA’s endeavors to empowering and qualifying national cadres in the insurance sector through adopting a qualitative Omanization Policy to enhance the presence of national cadres in operational, middle and senior management positions.  

In addition, this program will contribute to qualifying and developing skills of employees on fundamentals of governance and highlighting management of insurance companies and their governance framework.  This is important for enhancing the regulation of insurance companies and maintaining their continuous development.  The program also discussed boards of directors and their committees, compliance in regards to companies’ governance and strategies of governance of such companies.   Moreover, the program focused on risks related to governance and the right ways to avoid such risks.  Notably, the insurance sector is one of the promising sectors in the Sultanate of Oman that plays a key role in the economic development as well as attracting foreign investments.

The CMA adopts training plans that include short and long-term programs in an annual basis to realize the vision of empowering national cadres in the insurance sector. Additionally, Tamkeen Initiative for the year 2023 focused on the quality of the programs provided and their relevance to the process of providing qualified and competent Omani cadres by offering short and long-term specialized programs. The selection of participants is based on academic qualifications, practical experience, classification of management levels and the Omanization percentage in different specializations and departments in the sector.