Rabat: The Sultanate of Oman, represented by the Financial Services Authority (FSA), is taking part in the meetings of the Emerging Markets and Developing Economies (EMDE) and the Protection Gaps Task Force (PGTF) of the International Association of Insurance Supervisors (IAIS), being held in Rabat, Morocco, with an Omani delegation led by Ahmed bin Ali Al Mamari, Executive Vice President of the FSA.
The meetings bring together insurance regulators and supervisory authorities, particularly from emerging markets and developing economies around the world, to review the latest developments and challenges facing the sector, as well as to exchange expertise on supervisory and regulatory priorities related to the future of the insurance industry.
The FSA’s representation at these meetings forms part of its ongoing efforts to align Oman’s insurance regulatory framework with international standards and best practices. It also follows Oman’s participation in the Member Assessment Programme (MAP) of the IAIS, one of the leading international programmes for assessing compliance with the Insurance Core Principles (ICPs), which serve as the global benchmark for insurance supervision. Through its participation, the Sultanate of Oman became the fifth country worldwide to undergo the programme, following Guernsey, Morocco, Mexico, and Albania.
As part of its engagement in these meetings, the FSA aims to strengthen cooperation with international regulatory bodies and benefit from global best practices in insurance supervision, while keeping abreast of the latest developments in financial stability, risk based supervision, digital innovation, climate related risks, and cybersecurity.
The FSA also seeks to draw on international experiences in addressing insurance protection gaps and enhancing public-private partnerships (PPPs), supporting its efforts to further develop the insurance sector in the Sultanate of Oman and strengthen its resilience and sustainability in line with international standards and practices.
The meetings cover a range of topics, including consumer protection, risk-based supervision, implementation of International Financial Reporting Standard (IFRS 17), digital innovation, climate and cyber risks, and insurance protection gaps. Participants also review international experiences in PPPs within the insurance sector and their role in expanding insurance coverage and addressing emerging risks.
It is worth noting that Ahmed bin Ali Al Mamari, Executive Vice President of the FSA, serves as a member of the IAIS Executive Committee, the committee responsible for decision-making and setting its strategic direction. The IAIS is the global standard-setting organisation for insurance supervision and brings together more than 220 members from around 140 jurisdictions worldwide.
