MUSCAT – The CMA issued a decision to cancel the license of Vision Insurance for carrying out general and life insurance and savings in Oman, following the approval of the resolution of Vision Insurance Services’ EGM to dissolve and merge with Oman Qatar Insurance Company. As per the merger details, the authorized capital of Oman Qatar Insurance Company will increase to OMR 30 million from the current OMR 20 Million, and the issued capital will rise to OMR 22 million, following the merger.

The CMA, in a statement issued on the merger, said, “CMA continuously monitors the financial positions of the regulated companies and encourages 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.”