Oman takes part in IAIS meetings in Rabat

The Sultanate of Oman, represented by the Financial Services Authority (FSA), is actively engaged in crucial meetings of the International Association of Insurance Supervisors (IAIS) in Rabat, Morocco. A delegation led by Ahmed bin Ali Al Mamari, Executive Vice President of the FSA, is attending sessions focused on Emerging Markets and Developing Economies (EMDE) and the Protection Gaps Task Force (PGTF).

These gatherings bring together global insurance regulators to discuss the sector's evolving landscape, including emerging challenges and supervisory priorities. Oman's participation underscores its commitment to harmonizing its insurance regulatory framework with international benchmarks. This effort follows Oman's successful completion of the IAIS Member Assessment Programme (MAP), positioning it as the fifth country globally to undergo this comprehensive compliance review.

The FSA aims to foster stronger collaborations with international regulatory bodies and leverage global expertise. Key areas of focus include financial stability, risk-based supervision, digital innovation, climate-related risks, and cybersecurity. Oman also seeks to learn from international experiences in addressing insurance protection gaps and promoting public-private partnerships to bolster the sector's development and sustainability.

The discussions encompass a wide array of topics, such as consumer protection, the implementation of IFRS 17, and emerging risks. Al Mamari's role as a member of the IAIS Executive Committee highlights Oman's significant engagement in shaping the global insurance supervisory standard-setting organization.