Oman's financial regulator is considering drafting new rules to regulate insurance companies' investments to help the sector counter the impact of the COVID-19 pandemic, Mr Ahmed Al-Mamari, vice president with the insurance sector at the Capital Market Authority in Oman, has revealed.
He said that the pandemic has affected all insurance activities, including legislation related to the industry, according to a report in Amwal Alghad.
Regulatory agencies currently have to amend insurance legislation to enable insurers and insurance brokerages and all insurance-related entities to deal with the new challenges posed by the pandemic. Areas where legislation has to be amended or introduced include digitalisation and remote interaction to conduct business.
Mr Al-Mamari said that insurance supervisory bodies are in parallel dealing with regulations regarding governance and international accounting standards.