Muscat: The Capital Market Authority (CMA) has issued a decision cancelling the license of Vision Insurance Services SAOG for carrying out general and life insurance and savings in the Sultanate of Oman.
CMA’s decision was based on the approval of the extraordinary general meeting of Vision Insurance held on December 26, 2002, to dissolve the company and merge with Omani Qatari Insurance Company SAOG.
CMA emphasises that the merger of an insurance company is a healthy phenomenon that contributes to enhancing the robust financial position of the merging companies in a single economic entity, which 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 stated that the merger of the two companies would raise the capital of the company, as the extraordinary general meeting of Omani Qatari Insurance Company resolved to increase the authorised capital from OMR20 million to OMR30 million and the issued capital will be increased to OMR22 million.
CMA continuously monitor the financial positions of the regulated companies and encourage 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.