A delegation from the Sultanate of Oman, headed by Shaikh Abdullah bin Salem al Salmi, Executive President of the Capital Market Authority (CMA), participated in the International Association of Insurance Supervisors (IAIS) meeting in Tokyo, Japan, on November 9-10, 2023.
The CMA’s participation aimed to enhance Oman’s presence in international organizations and exchange experiences, information, and expertise with member states to develop practices in the insurance sector. The delegation also discussed the most important vital issues at the financial, regulatory, and supervisory levels.
On the sidelines of the meeting, a workshop was held to discuss financial inclusion, the challenges facing countries, and the most important developments that have affected it. The workshop also examined the differences between financial inclusion in developed and developing countries, as well as the IAIS’s role in promoting financial inclusion for member countries.
The delegation also participated in the conference accompanying the meeting, which was attended by all delegations of the IAIS’s members. The conference was held under the slogan “Beware the Gap: The Role of Supervisors in Making the Global Insurance Sector More Inclusive.”
The conference began with a review of the IAIS roadmap and its future work plans. Other important topics discussed at the conference included:
• The role of supervisors in helping to address protection gaps from natural disasters
• The development of regulatory practices to address climate risks
• The development of risks in the global insurance sector and regulatory responses, including the impact of rising inflation, tightening monetary policy, and increasing credit and liquidity risks
The IAIS was established in 1994 to set international standards related to insurance markets. It has 220 member countries and aims to enhance the protection of insurance policyholders and contribute to global financial stability by enhancing effective supervision for the development of fair, safe, and stable insurance markets.
