November 5, 2019

New India Assurance Sings a Membership Agreement with Mala’a

The New India Assurance Company has signed the Membership Agreement with Oman Credit & Financial Information Centre on Tuesday, the 5th November, 2019 in a ceremonial function held at New India Head Office at Hamrya, Muscat. Oman Credit & Financial Information Centre is an affiliated Centre of the Central Bank of Oman established pursuant to the Royal Decree No. 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 executed by Mr.Aadil Al Saadi, Managing Director, Oman Credit & Financial Information Centre and Mr. V.V. Raghavan, Chief Operating Officer, The New India Assurance Co. Ltd., Oman. The proud and august function was held in the presence of specially invited dignitaries; Mr.Malik Al Mahrooqi, Vice President, Central Bank of Oman and Mr.Naser Ahmed Al Salhi, Director, Evaluation & Risk Management Dept., Capital Market Authority.

In his inaugural speech Mr. V.V. Raghavan, Chief Operating Officer Oman Operations appreciated the efforts of Capital Market Authority and Central Bank of Oman for their initiate to make a centralized body for credit rating like Oman Credit and Information Financial Centre. He further 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 and extension of financial inclusion in the Sultanate of Oman. He also expressed that since Oman market is a credit market, the credit and financial information provided through a centralized agency will be helpful for taking financial decisions by various organizations and the new system can prevent various financial misconducts effectively.

In the speech, Mr.Aadil Al Saadi, Managing Director, Oman Credit & Financial Information Centre has expressed his gratitude in executing its first agreement with New India and hope that the association can make new experience to a credit market like Oman for analyzing the financial defaulters. He explained the importance of executing the agreement that the Member who is executing the agreement is desirous of obtaining Credit and Financial information on current or potential customers who are applying for credit or for the purposes of establishing potential business relations with those customers. And such information may be used for the purpose of determining their creditworthiness or financial insolvency in accordance with the Royal Decree.

Mr. V.V. Raghavan, Chief Operating Officer in his speech expressed his gratitude to His Majesty Sultan Qaboos Bin Said and the people of Oman for accepting NIA as the preferred insurer of Oman and allowing to grown as the largest Foreign General Insurance company operating in the country. He reiterated the company’s commitment to provide customer service beyond the industry standards to cater all insurance needs of Omani citizen and expats.