Oman’s CMA revokes license of Vision Insurance Company

By News Desk on July 30, 2023

CMA

His Excellency Abdullah Al Salmi, CEO of the Capital Market Authority, issued Administrative Decision No. 28/2023 revoking the license of Vision Insurance Company to practice insurance business.

Article 1 stipulated the cancellation of the license of the Vision Insurance Company to practice insurance business, starting from the date of May 17, 2023.

It is worth noting that the Capital Market Authority said in previous press releases that the decision to revoke the license of the Vision Insurance Services Company was based on the approval of the extraordinary general assembly of the Vision Insurance Company, which was held on 12/26/2022, on the dissolution and merger of the Vision Insurance Company PJSC. P with the Omani Qatari Insurance Company SAOG.

The General Authority confirmed that the merger between insurance companies is a healthy phenomenon that contributes to enhancing the strength of the financial position among the companies merged into one economic entity, which reflects positively on the quality of the insurance service and at the same time maintains appropriate insurance prices. Market fluctuations and ensures the sustainability of the insurance sector to be able to fulfill its obligations towards policyholders and enhances its ability to compete in the local and international market.

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