Oman – Regulating investment insurance products
Wednesday, 03 30 2016, Category: Insurance and Reinsurance, Country: Oman
The Capital Market Authority issued new regulations applying to insurance intermediaries and insurers in order to control investment-related insurance products in the Sultanate, which included minimum standards and requirements in order to operate these products including disclosure requirements according to the laws, regulations, decisions and instructions issued by the Authority.
The newly issued regulations clarify that insurance companies have to obtain the authorization of the Authority before marketing any investment-related insurance product or before establishing any insurance program or related special fund. It also stipulates that insurance companies which already participated in investment-related insurance activities have to renew authorization within six months.
Source: Oman Daily