Oman – Insurers raise capitals by 14% in 2017
Saturday, 05 19 2018, Category: Insurance and Reinsurance, Country: Oman
Insurance companies raised their capitals by 14% during the past year 2017. This increase is related to the latest amendments of the insurance law issued by the Sultani decree No 39/2014, which led to the increase of capitals to OR 248.5 million.
The amendments to the law of insurance companies strengthened the financial strength of these companies by raising the minimum capital from OR 5 million to OR 10 million and it compelled closed shareholding companies to convert into general Omani stock shareholding companies. Therefore, most insurers met the new requirements.