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Saturday, September 23, 2023

CMA authorizes the merger of Omani Qatari Insurance Provider and Vision Insurance coverage and cancels Vision’s license|Times of Oman

The Capital Market Authority has concern a choice cancelling the license of Vision Insurance coverage Solutions SAOG for performing basic and life insurance coverage and cost savings in the Sultanate of Oman.

CMA’s choice was based upon the approval of the remarkable basic conference of Vision Insurance coverage hung on 26/12/2002 to liquify the business and combine with Omani Qatari Insurance Provider SAOG.

CMA stresses that merger of insurer is a healthy phenomenon that adds to improving the robust monetary position of the merging business in a single financial entity, which shows favorably on the quality of the insurance coverage service and keeps suitable insurance coverage rates along with being among the readily available options for conquering market change and makes sure sustainability of the insurance coverage sector to be able to satisfy the responsibilities towards insurance policy holders and boost competitors in the regional and international markets.

CMA mentioned that the merger of the 2 business would raise the capital of the business, as the remarkable basic conference of Omani Qatari Insurance provider solved to increase the authorized capital from RO 20 Million to RO 30 million and the provided capital will be increased to RO 22 million.

CMA constantly keep track of the monetary positions of the managed business and motivate options that help the business to grow and flourish to attain monetary stability of such business and add to the financial advancement procedure in the Sultanate of Oman.

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