CMA becomes signatory to global body

Business Tuesday 13/November/2018 17:21 PM
By: Times News Service
CMA becomes signatory to global body

Muscat: Oman's Capital Market Authority (CMA) has become a member of the IAIS Multilateral Memorandum of Understanding (IAIS MMoU). This was announced by Dr Victoria Saporta, Chair of the Executive Committee of the IAIS.
“I am pleased that the CMA has become a signatory to the IAIS MMoU, which will definitely enrich, facilitate and improve our operations,” Abdullah bin Salim Al Salmi, Executive President of the CMA, said.
“This agreement strengthens our ability to work cooperatively with other supervisors and monitor large cross-border insurers — cooperation that is critically important to promoting effective supervision and protecting our consumers,” he added.
The MMoU is a global framework for cooperation and information exchange among insurance supervisors. It sets minimum standards to which signatories must adhere. All applicants are subject to a review and approval by an independent team of IAIS members.
Through membership in the MMoU, supervisors are able to exchange relevant information with and provide assistance to other signatories, thereby promoting the financial stability and sound supervision of cross-border insurance operations for the benefit and protection of consumers.
“We are pleased to welcome CMA, Oman, as a signatory to the MMoU,” said Dr Saporta.
“In order to achieve our ultimate goal of policyholder protection within the global insurance marketplace, an insurance supervisor must be able to cooperate quickly and effectively. The MMoU is an essential regulatory tool – not only in crisis situations, but on a day-to-day basis – for supervisors to foster safer and more stable insurance markets,” Dr Saporta added.