Muscat: The Capital Market Authority (CMA) held a training programme, “Accounting for Insurance and Solvency”, from December 16-20, 2018, attended by a number of employees of insurance companies and brokers.
The programme is part of the annual training plan of CMA to achieve its vision to empower the national cadres working in the insurance sector and approved by the Ministry of Manpower.
By organising such programmes, CMA, represented by the insurance sector, endeavours to acquaint participants with the requirements of financial statements and how to act in cases of insolvency. The programmes target compliance officers and the finance staff of insurers.
The programme aims to convey messages that contribute to the capacity building of employees and include comparisons of the requirements of Takaful companies and conventional insurance companies, the objects of financial statements and how to calculate contribution, surplus and deficit and distribute them to the accounts of participants and policyholders.
This programme is the ninth one this year and was preceded by programmes on fire, pricing and underwriting, management in health insurance, sales and marketing in insurance, risk management in insurance companies, medium management skills, technical skills for managers of branches of insurance companies and statistics for insurance.
The Tamkeen vision aims at enhancing the representation of national cadres in medium and senior technical roles as per specific ratios set for insurance companies and brokers. CMA aims to achieve 50 per cent Omanisation in senior positions, 75 per cent in medium positions and 90 per cent in junior positions gradually by the end of 2020.