Muscat: The Capital Market Authority (CMA) and the Supervisory Authority of Insurance and Social Welfare (ACAPS) in the Kingdom of Morocco signed a Memorandum of Understanding (MoU) in the field of supervision and auditing of insurance sector.
This would contribute in enhancing the cooperation between the two authorities in insurance, exchange of information and expertise to develop the legislative and technological systems in the two countries. The move comes as part of the programme of the visit of the official Moroccan delegation to the Sultanate of Oman.
The MoU was signed by Sheikh Abdullah Salim Al Salmi, Executive President for the CMA and Othman Khalil Al Elmi, Acting President for SAISW and attended by Tariq Al Hassisin, Ambassador of the Kingdom of Morocco accredited to the Sultanate of Oman.
Sheikh Abdullah Salim Al Salmi, Executive President of the CMA said the signing of the MOU aims to enhance the cooperation between the two countries in the insurance sector, exchange of expertise in the regulation of the institutions operating in the insurance, mechanisms for enhancing regulation and supervision systems which contribute to the advancement of the insurance market in the two countries through focusing on the merits of the two countries in the regulation and supervision of the institutions operating in the insurance sector to ensure developing the industry, upgrading the standards of the quality of the service to ensure the protection of the policyholders and sustainability of the performance of participants of the market.
"We are keen to enhance such cooperation to ensure coping with the development in the regional and global markets to meet the needs of the current phase to furnish insurance coverage for individuals and a safe investment environment for institutions as the insurance is an important tool for achieving the national priorities of the Oman Vision 2040."
Al Elmi said the MoU would develop the insurance sector in the two countries through encouraging the exchange of the relevant regulatory information, coordination of the regulatory frameworks between the two authorities to stimulate continuous development of the supervisory and regulatory systems of each authority.
He pointed out that the new cooperative framework combining the two authorities relates also to the exchange of expertise and assists in research and studies and advice in all the fields related to insurance. He emphasized the importance of coordinating and exchanging expertise and information in the implementation of international standards.
It is worth note the MoU aims to achieve a set of common objects such as exchange of expertise in dealing with natural calamities and insurance perils, technological systems used in the supervision and regulation of insurance companies and relevant activities as well as coordination and exchange of expertise and information in anti-money laundering and combating financing terrorism in the insurance sector and cooperation in the implementation of international standards specifically the recommendations of the Financial Action Task Force (FATF) related to international cooperation in this field.
SAISW was established in 2016 under law No. 64.12 to supervise and regulate the insurance and welfare sector in Morocco. SAISW is keen to ensure the integrity and good performance of the regulated sectors to protect the rights of the insured and beneficiaries.