Oman: Regulator sets out localisation targets in insurance sector
Source: Middle East Insurance Review | May 2018
The Capital Market Authority (CMA) has spelt out the Omanisation policy till 2020 for various job levels and functions in insurance companies.
The vision, adopted by the CMA in coordination with the Ministry of Manpower, stipulates achieving 50% Omanisation at the senior management level, 75% at the middle management level and 90% in specialised and operational functions by 2020. This was announced at Human Resources Forum organised by the CMA with the theme ‘Omanisation Built on Empowerment in the Insurance Sector’.
Mr Abdullah bin Salem Al Salmi, CEO of CMA, said the vision is based on enhancing the employment of local cadres in technical and administrative jobs at the senior and middle management levels. He added that the targeted Omanisation rates are specified after careful study of the reality of the insurance companies and brokers and assessing the ability of the sector to absorb and employ locals in technical and leading jobs.
He added that the CMA seeks to empower young Omanis to take the lead in the insurance sector. It will provide a number of training courses to encourage Omanis to learn and improve their skills in this sector.
Mr Ahmed Ali Al Maamar, acting vice president for insurance sector, said the CMA is keen to qualify the national competencies and develop their educational, professional and technical levels through training programmes on insurance business in coordination with local and external training institutions. The Authority has created a database for the purpose of monitoring training and qualification of the employees in the insurance sector. M