Union of Arab Ins. Supervisors discusses the impact of coronavirus
Thursday, 06 25 2020, Category: Insurance and Reinsurance, Country: Middle East
The Sultanate, represented by the Capital Market Authority (CMA) took part in the meeting of the Union of Arab Insurance Supervisors via video-conferencing. Ahmed bin Ali al-Ma’amari, Vice President for Insurance Sector represented the CMA.
The meeting discussed a range of issues related to the regulation and development of the insurance industry in the Arab countries, besides the developments in the markets and the role of insurance in dealing with the coronavirus (Covid-19) epidemic.
The key subject was the recommendations of the work team related to discussing the mechanism for accepting Arab reinsurance companies in the Arab market. The team is chaired by the Sultanate, represented by the Vice President for Insurance Sector.
The team aims to address the challenges facing reinsurers in the region to enjoy higher level of legislative and financial readiness to compete globally in the reinsurance processes and coverage of risks to enhance retention ratios.
The meeting discussed the output of the IFRC17 Committee, which was issued by the International Accounting Standards Board in 2017 related to insurance contracts, which will be implemented in 2021.
Source: Oman News Agency