CMA Organize a Training Course on Financial Fraud

The Capital Market Authority continued its training programs for national carders working for insurance companies  by organizing  a course on 6-7 November  2017 on financial fraud as part of the training programmes of this year to upgrade the knowledge and skills of national employees of insurance companies to be able to achieve CMA’s Omanization vision to take up administrative, technical and senior positions rather than focusing on operational roles. Such policy is connected with specialized training and qualification programmes in insurance, accounting and commercial sciences and other programmes related to technical and administrative skills.

20 employees working in underwriting and claims departments in  insurance companies, brokers participated in the  two day programme.

The lectures Ms Manal Mashkoor from Bahrain Insurance Institute talked about the various types of fraud in insurance and the  key indicators of fraud in addition to the various preventive strategies.

She said financial fraud is the biggest challenges facing the insurance industry on the international and local levels. Such fraud requires joint efforts by insurers and regulator, however the greatest concern is  enhancing the awareness of the public on the impact of fraud on the long term on the society and the cost of insurance coverage. She talked about the various types of fraud and methods of combating.

The next training programmes will be held in Muscat on marine insurance which will acquaint the participants with marine insurance and policies in addition to classification of marine risks, coverage and terms and conditions as well as the principles of underwriting hull and cargo.

CMA had concluded in October 16 training programmes as per the 2017 Tamkeen plan for national carders working for insurance companies and brokers in a process started two years ago.