HE Abdullah Salim Al Salmi, Executive President of the Capital Market Authority confirmed in a meeting held with the Board of Directors of the Omani Insurance Association the role the insurance sector can play in the national economy and in realizing sustainable development.

HE pointed  out that the insurance sector  plays an important role in the modern societies,  in addition to the protection provided to many projects whether for individuals or institutions, it contributes  in pooling the savings for financing development plans or investment in economic schemes through increasing the capitals of insurance companies operating in the country and improving solvency levels,  risk management in such companies, development of national manpower of the insurance sector, development underwriting mechanisms, provision of products and risk measurement.

HE pointed out to the importance of cooperation of the Association to protect policyholders through the provision of best insurance products at fair and competitive prices beside  developing the claims services in insurance companies.

HE said CMA has taken constructive moves to upgrade the national cadres working in the insurance sector through training programmes to gain technical skills and knowledge and to acquaint with best internationally recognized  practices. He added CMA would cooperate with the Association to identify training needs to replace the expatriate with nationals.

The meeting discussed the recommendations of the workshop organized by CMA on Insurance Issues from a Legal Point of View. The members of the Board of Directors of the Association commended the recommendations of the workshop and stressed the importance of implementation in collaboration with the competent authorities to explore solutions for a number of problems facing the Omani courts when hearing insurance cases.

The meeting discussed the increase in the prices of motor spare parts which result in higher insurance premiums on the policyholders and the efforts exerted by CMA and Consumer Protection Authority  to reduce the prices of motor spare parts in line with the prices in the neighboring countries.

The meeting also discussed the electronic link between insurers and ROP and urged all the companies to join the link.

The meeting recommended setting up a strategy between CMA and the Insurance Association to educate the public on insurance sector and the salient developments on the local, regional and international arenas.

The Omani Insurance Association is working for closer ties between insurers in the Sultanate for better consultation and cooperation in all matters pertaining to the insurance industry and for smooth dissemination of insurance to support the ethical principles of insurance industry. It also aims to act as a bridge between insurers, employees and CMA with regard to insurance laws and implementation.