Arab insurance industry faces great challenges
Saturday, 11 05 2016, Category: Insurance and Reinsurance, Country: Middle East
HE. Sheikh Abdullah Salim Al Salmi, executive president of the Capital Market Authority stressed on the importance of reinforcing collaboration and the exchange of best practices among Arab insurance regulators hoping that Arab countries will find a common ground for coordination in order to improve the legislations and evaluate properly the regulatory and supervisory activities related to the insurance sector in line with the standards issued by the International Association of Insurance Supervisors and regional regulatory forums. This will help improve the performance of Arab insurance regulators.
During Arab Forum of Insurance Regulatory Commissions (AFIRC) that was held in Muscat – Oman few days ago, Sh. Al Salmi clarified that the Capital Market Authority in the Sultanate of Oman will seek to develop and improve the performance of this sector in order to reach the targeted objectives and to control and improve the operations of companies, intermediaries and brokers and lead the public to trust insurance hoping that the public’s demand for insurance will increase.
Source: Al Khaleej