Oman’s Capital Market Authority (CMA) has issued a decision canceling the license of Vision Insurance Services SAOG for carrying out general and life insurance and savings in the Sultanate.
CMA’s decision was based on the approval of the resolution of the extraordinary general meeting of Vision Insurance to dissolve the company and merge with Omani Qatari Insurance Company.
CMA emphasized that the merger of insurance company is a healthy phenomenon that contributes to enhancing the robust financial position of the merging companies in a single economic entity.
“This reflects positively on the quality of the insurance service and maintains appropriate insurance prices as well as being one of the available solutions for overcoming market fluctuation and ensures the sustainability of the insurance sector to be able to meet the obligations toward policyholders and enhance competition in the local and global markets,” CMA noted.
Following the merger, the authorized capital of Oman Qatari Insurance Company will rise from $52 million (RO 20 million) to $78 million (RO 30 million) and the issued capital will be increased to $57 million (RO 22 million).
“CMA continuously monitors the financial positions of the regulated companies and encourages solutions that assist the companies to grow and prosper to achieve financial stability of such companies and contribute to the economic development process in the Sultanate of Oman,” the Authority said in a statement.
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