CMA and Supervisory Authority of Insurance and Social Welfare of Morocco Discuss Cooperation in Calamities and Digital Insurance

The Capital Market Authority reviewed today before the official delegation of the Supervisory Authority of Insurance and Social Welfare of the Kingdom of Morocco (SAISW)  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 as well as calamities and digital insurance beside the key developments and historical evolution of the legislative infrastructure  of the insurance sector.

The meeting came in the framework of the three-day visit of the Moroccan delegation to the Sultanate of Oman with the aim 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 acquainted with  CMA’s experience in the calculation of the risk based solvency in additional to the national program 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.

The Moroccan side reviewed the experience of 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 digitalization of the insurance sector.

The visit of the Moroccan delegation includes an official signing of a memorandum of understanding between CMA and SAISW in the insurance field on Wednesday with the attendance of HE Sheikh Abdullah Salim Al Salmi, Executive President of the CMA and Mr. Othman Khalil Al Elmi, Acting President of SAISW.