The Capital Market Authority (CMA) and the Supervisory Authority of Insurance and Social Welfare (SAISW) of the Kingdom of Morocco signed on Wednesday a memorandum of understanding (MoU) to support cooperation in the field of insurance regulation, enhancing ties between the two insurance sector regulators, and exchanging information and expertise to develop the legislative and technological systems in the two countries.

The MoU was signed by Shaikh Abdullah bin Salim al Salmi, Executive President – CMA and Othman Khalil al Elmi, Acting President for SAISW. Also present at the signing was Tariq al Hassisin, Ambassador of the Kingdom of Morocco accredited to the Sultanate of Oman.

Shaikh Al Salmi said: “We are keen to enhance such cooperation to enable us to keep track of developments in regional and global markets to meet the insurance needs of individuals and organisations and provide a safe investment environment for institutions, given the importance of insurance as a tool for for achieving the national priorities of the Oman Vision 2040.”

Othman Khalil al Elmi of SAISW said the MOU will help develop the insurance sector in the two countries through the exchange of regulatory information and sharing of expertise, assistance in carrying out research and studies and advisory services all the fields related to insurance.

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