Oman: Authority issues online insurance regulations
Source: Middle East Insurance Review | Nov 2023
Oman’s Capital Market Authority has issued a decision to adopt regulations covering online insurance operations. The new rules present a regulatory and legislative framework for digital insurance services in the country.
According to the decision, the regulations require a licensed insurance company to create its own electronic platform that provides integrated digital insurance services and allows insurance brokers to create an electronic platform to provide the services they are licensed to provide, reported the Oman News Agency. The regulations also prohibit online insurance operations unless approval has been received from the CMA.
The regulations focus on licensing requirements and procedures for online platforms, the platform management system, and hosting operations. The insurance entity which establishes an online platform must set up a specialised department to manage all operational aspects of the platform to carry out the tasks of continuously updating information, monitoring the quality of insurance operations and managing and overseeing data received and issued from the platform.
The regulations include provisions related to the security, confidentiality and privacy of information, which obligate the insurance company and broker to take all necessary measures to maintain the confidentiality of the information obtained through the platform. The regulations also include administrative penalties for violations committed. M