New regulation ensures financial sustainability for insurance companies: CMA

New regulation ensures financial sustainability for insurance companies: CMA

Muscat: The Capital Market Authority (CMA) has issued a new organisational regulation to organise the investment of the insurance companies' assets and Takaful insurance. This came to meet the Omani insurance market development which adds sufficient flexibility for the companies to be able to diversify investment opportunities and face the market volatility.This contributes to strengthen the insurance companies' investments both the traditional and Takaful and enhance the financial centres that qualify it to be able to compete and absorb more risks, thus maximising the amount of the invested funds in the local economy.The decision issued by Abdullah bin Salim Al Salmi, executive director of the Capital Market Authority, directed all the companies to work on conciliating its conditions according to the regulation's requirements during one year. For the importance of this regulation, Al Salmi clarified that adopting this regulation comes by the continuous revision for the regulations and procedures that the authority approved to ensure the alignment and consistency for the developments and absorb the needs that the special conditions required in this critical period of economic growth that the Sultanate is experiencing in neo-renaissance process. This comes in the frame of creating suitable conditions to start executing Oman vision 2040.The