CMA Takes Part in the Annual Meeting of IAIS

The Sultanate represented by the Capital Market Authority is participating in the annual meeting of the International Association of Insurance Supervisors (IAIS) in Marrakesh, Morocco which is an opportunity to communicate with the  external markets to support the local insurance market and to access the international experience and the development of their supervisory systems and regulatory infrastructures.

The Sultanate’s delegation is chaired by HE Sheikh Abdullah Salim Al Salmi, Executive President of CMA and comprises Ahmed Ali Al Maamari, Director General of Insurance Supervision, Ahmed Ali Al Makhainai, Expert at of the office of the Executive President and Ahmed Abduulah al Hanaei, Specialist at the Department of  Compliance and Examination.

The meeting discussed  a number of insurance issues of mutual interest including the recommendations of  research papers on the challenges encountering insurance market bedside reviewing the standards and principles of the industry.

It is noteworthy that the IAIS was established in 1994  and comprises about 140 members which represents  97% of world’s gross insurance premiums with the aim of orchestrating the efforts to develop the insurance industry to be fair, safe and stable for the benefit and protection of  policyholders.

Insurance supervisors aim to  exchange expertise among the member states to provide for economic stability as an  integral part of the financial system and a method for risk mitigation through risk management and coverage of future obligations which require standard setting for the soundness of insures on the long term to ensure no defaults will occur in the contractual relationship between the insurer and the insured, as well as the need for promoting the insurance industry through appropriate regulations for pooling funds and directing toward development and contribution to the economy in general.