Middle East - Oman: Regulator issues new rules for investment-linked products
Source: Middle East Insurance Review | May 2016
The Capital Market Authority (CMA) has issued new regulations applying to insurance intermediaries and insurers regarding investment-linked products.
The rules cover the minimum standards for investment-linked products and requirements for the operation and management of such products and disclosure requirements.
All insurers are required to obtain CMA’s approval prior to marketing any investment-linked product or creating any linked funds. Insurers which have already commenced such business must renew their approval in six months.
The move aims to put in place sound standards for such business, so as to enhance transparency, disclosure and the protection of the rights of policyholders for them to make informed insurance and investment decisions, CMA said in a statement.
The business is expected to boom specially after banks have been licensed to undertake bancassurance business, said the statement.