Oman – Restructuring of insurers
Tuesday, 09 26 2017, Category: Insurance and Reinsurance, Country: Oman
The Capital Market Authority canceled the licenses of many companies operating in the insurance sector in light of the developments that took place such as the mergers and acquisitions aiming at creating stronger entities. Moreover, the latest period witnessed the transformation of some companies in the sector into stock share companies.
H.E. Abdullah bin Salim Al Salmi Executive President, Capital Market Authority issued decisions related to the cancelation of the licenses of some insurers.
Moreover, he mentioned in a statement to “Oman Daily” that the mergers and acquisitions of insurance companies would create strong entities in the insurance sector in the Sultanate that will be able to compete in the regional market and that will help contain risks.
Source: Oman Daily