New India Assurance signs pact with financial information centre

The New India Assurance Company signed the Membership Agreement with Oman Credit & Financial Information Centre on Tuesday in a ceremonial function held at New India head office in Hamriya.

Oman Credit & Financial Information Centre is an affiliated centre of the Central Bank of Oman established pursuant to the Royal Decree 38/2019. New India is the first insurance company in Oman to sign the agreement with Oman Credit & Financial Information Centre for developing and providing international standard credit and financial reporting system to assist the regulation of the financial industry in Oman.

The agreement was signed by Aadil al Saadi, managing director, Oman Credit & Financial Information Centre, and V V Raghavan, chief operating officer, The New India Assurance Co.

Ltd, Oman. The function was held in the presence of invited dignitaries, Malik al Mahrooqi, vice president, Central Bank of Oman, and Naser Ahmed al Salhi, director, Evaluation & Risk Management Dept, Capital Market Authority.

Raghavan appreciated the efforts of Capital Market Authority and Central Bank of Oman for making a centralised body for credit rating like Oman Credit & Financial Information Centre. He informed that the centre provides a central database of credit and financial information at the national level with the purpose of assisting members in making credit and/or business relation decisions through the assessment of solvency of their customers leading to reduced credit and financial risks.