Terms of the memorandum of understanding (MoU) signed between Central Bank of Jordan (CBJ), and Oman’s Capital Market Authority (CMA) were recently published in the Official Gazette.
The MoU aims to enhance joint cooperation in the field of information exchange and supervision over the insurance sector on the basis of the mutual interests’ principle.
Under the memorandum, the two sides spur joint cooperation in information exchange and cooperation to help implement relevant laws and regulations in the supervision and monitoring fields over the insurance sector and other related fields, which fall within the jurisdiction of either party.
The MoU also sets “high” standards of fairness and integrity in professional practices aimed to enhance and ensure efficiency of licensed persons in the two countries’ insurance sector.
Setting areas of technical assistance, deemed jointly as “important”, the two sides exchange expert visits in the monitoring fields, share studies and publications on insurance sector, staff capacity building and development, according to the human and financial resources available to both parties.
Per the MoU, the two countries will cooperate in taking measures against any prohibited or fraudulent practices in the insurance sector in the country of either party, seeking to provide information to the other side about any violations of laws and regulations issued in the two countries, establishing joint insurance companies and facilitating related investment on both sides.
It also seeks to strengthen coordination and shared positions with regard to the two countries’ membership in international organizations and their participation in their activities and meetings.
The two parties stimulate exchange of training courses, expert visits and conduct of scientific research in the cooperation areas, make “reasonable” efforts without prior request, to provide any information that helps the other party, while ensuring compliance with the laws and regulations in force in the origin country.
In order to ensure confidentiality of the information required under the MoU’s provisions, the two parties must not disclose details except within the scope of its purposes, unless the party providing the information agrees in writing to allow its use.
Source: Jordan News Agency