Oman – CMA approves OQIC, Vision Insurance merger

The Capital Market Authority (CMA) has issued a decision to canceling the license of Vision Insurance Services Company SAOG for carrying out general and life insurance and savings business in the Sultanate of Oman.

In this decision, the Authority relied on the approval of the Extraordinary General Assembly of the Vision Insurance Company, which was held on 12/26/2022 to dissolve and merger of the Vision Insurance Company SAOG with the Omani Qatar Insurance Company SAOG.

The Capital Market Authority emphasizes that the merger between insurance companies is a healthy phenomenon that contributes to enhancing the strength of the financial position of the merging companies in a single economic entity, which reflects positively on the quality of the insurance service and at the same time maintains appropriate insurance prices as well as being one of the available solutions for overcoming market fluctuation and ensure the sustainability of the insurance sector to be able to meet the obligations towards policyholders and enhance competition in the local and global market.

The Capital Market Authority stated that the merger of the two companies will contribute to raise the capital of the company, as it was decided at the extraordinary general meeting of the Omani Qatari Insurance Company that the authorized capital of the company be increased from RO 20 million to RO 30 million, and the issued capital will be increased to RO 22 million

It is worth noting that the Capital Market Authority is constantly keen to follow up the financial conditions of the companies subject to its supervision and to encourage finding solutions that help companies to develop and achieve financial and administrative prosperity, in an effort to achieve financial stability in these companies, which in turn contribute to advancing economic development in the Sultanate of Oman.