CMA participates in annual meeting of IAIS in Japan

Muscat: The Capital Market Authority (CMA) participates in the annual meeting of the International Association of Insurance Supervisors (IAIS) and the accompanying conference hosted by the Financial Services Agency of Japan in Tokyo.

The Sultanate’s delegation is chaired by Sheikh Abdullah bin Salim Al Salmi, Executive President of the CMA.
CMA’s participation comes to enhance the presence of the Sultanate of Oman in international organisations which would contribute to exchanging expertise and information with the member countries to develop the practices applied in these fields as well as discussing the key issues on the financial, regulatory and supervisory levels.

A workshop will be organised on the sidelines of the meeting to discuss financial inclusion and the challenges facing the member states and key developments impacting that as well as discrepancies in financial inclusion between advanced and developing countries. It will also review the role of IAIS in enhancing financial inclusion in the member countries.

The CMA participated in the accompanying conference attended by all the delegations under the theme 'Mind the gap, the role of insurance supervisors in making the global insurance sector more inclusive'. It reviewed a roadmap and plans for IAIS's future work, besides other topics including the role of supervisors in helping to address the natural catastrophe protection gap, evolving supervisory practices to tackle climate risks, evolving risk in the global insurance sector and supervisory responses including the impact of high inflation, tight monitory policies and increased credit and liquidity risks.

The IAIS was established in 1994 to set the standards for insurance markets. It comprises 220 members and aims to enhance the protection of insurance policyholders and to contribute to global financial stability through enhancing effective supervision to develop fair and stable insurance markets by setting out a set of high-quality insurance principles, exchange of information, expertise and cooperation between insurance supervisors and other international organisations.