ACAPS on official visit to the Sultanate of Oman Capital Market Authority (CMA)

The Supervisory Authority of Insurance and Social Welfare (ACAPS) was invited by the Capital Market Authority of the Sultanate of Oman (CMA) for an official visit to the Omani capital Muscat on Thursday 22nd February 2024.

During the visit, Mr. Abderrahim Chaffai, the Chairman of ACAPS, engaged in discussions with his Omani counterpart, H.E. Abdullah Bin Salem Al Salmi, the Executive Chairman of CMA. The talks encompassed various topics of mutual interest, focusing on enhancing bilateral cooperation, exchanging experiences, and implementing successful approaches in supervising and regulating the insurance sector.

The official commencement of a cooperation program aimed at sharing ACAPS' expertise in insurance supervision marked the visit. It also witnessed the initiation of the initial phase of a technical assistance mission centered on prudential supervision and oversight of insurance products. A subsequent phase, slated for April, will delve deeper into insurance supervision, emphasizing inspection techniques.

This visit epitomizes the ongoing commitment outlined in the memorandum of understanding inked in March 2022 between ACAPS and CMA, aimed at fortifying the partnership and facilitate the exchange of information in the insurance domain, grounded on shared interests.

About CMA

The Capital Market Authority (CMA) regulates and supervises the capital market and insurance sectors and acts in accordance with its strategic objects to promote the sectors and maximize domestic and foreign investors’ confidence to ensure continued development of the institutions operating in the capital market and insurance sectors and diversifying their products, and engaging the largest number of participants to achieve the greatest added economic value to the Omani economy.