jordan pulse -
Finally, the articles of the memorandum of understanding signed between Jordan, represented by the Central Bank, and the Sultanate of Oman, represented by the Capital Market Authority, were published in the Official Gazette, which aims to strengthen and develop cooperation between the two countries in the field of information exchange and supervision of the insurance sector on the basis of the principle of mutual interests.
According to the memorandum, the two parties encourage cooperation between them in the fields of information exchange and joint cooperation to assist in the implementation of relevant laws and regulations in the field of control and supervision of the insurance sector and other related fields.
which fall within the jurisdiction of either party.
The memorandum provides for setting high standards of fairness and integrity in professional behavior to enhance and ensure the competence of licensed persons in the insurance sector in the two countries, and to identify and provide areas of technical assistance that the two parties deem important, such as exchanging visits by experts in regulatory fields, exchanging research, studies and publications related to the insurance sector, and training employees. Building capacities and developing human resources, according to the human and financial resources available to both parties.
According to the memorandum, the two countries will cooperate in detecting and taking measures against any prohibited or fraudulent practices in the insurance sector in the country of either party, and seeking to provide information to the other party about any violations of laws and regulations issued in the two countries, and establishing joint companies in the field of insurance and reinsurance and facilitating reinsurance business. investment on both sides.
It also stipulated the promotion of coordination and harmonization between the positions of the two parties regarding the membership of their countries in international organizations and their participation in the activities and meetings of these organizations.
The two parties encourage the exchange of training courses, expert visits, and conducting scientific research in the areas of cooperation, and they 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 country of the party providing the information.
In order to ensure the confidentiality of the information required under the provisions of this memorandum, the two parties shall not disclose it under the provisions of this memorandum except within the scope of its purposes, unless the party providing the information agrees in writing to allow its use. (Petra)