Middle East - Oman: Regulator approves amended regulations for agents

Source: Middle East Insurance Review | Jun 2016

Oman’s insurance regulator Capital Market Authority (CMA) has approved amendments to the Insurance Agents’ Regulation, according to Sheikh Abdullah bin Salem Al Salmi, CMA Executive President for Regulatory Affairs.

The changes centre on Omanisation of the profession and support for investment initiatives in establishing SMEs, reported the Times of Oman.

The regulation grants insurance agents six months in general to meet the new requirements. For Omanisation, however, they are given a grace period of three years to comply.

The Omani insurance sector grew by 14.8% in the past seven years with turnover hitting OMR446 million (US$1.16 billion). The CMA has been updating insurance legislation and regulations in recent years, including increasing the minimum capital and requiring Omani insurers to be listed on the local stock exchange.

OMR1 = US$2.60

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