CMA urges insurance firms to strengthen capital base

20/03/2012 16:40 AST

Oman’s insurance regulator Capital Market Authority (CMA) has urged local insurance firms to enhance their capital base to retain more business within the country and to withstand competition. Although the stipulated minimum capital for conventional insurance firm in Oman is RO5 million, the insurance regulator is contemplating to have a RO10 million paid up capital for takaful or Islamic insurance firms, when they start operation.

“We have been encouraging insurance companies to enhance capital base. This will give the companies an ability to retain more business within the country and withstand competition,” CMA Executive President Abdullah bin Salem bin Abdullah al Salmi, told Times of Oman.

“If the insurance companies do not have strong capital base, they have to depend on reinsurance companies. This is neither good for the companies nor helps the national economy.”

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