Oman Ministerial Decision No. 80/2023 On the Issuance of the Regulation for Electronic Insurance Operations

Pursuant to the Insurance Companies Law promulgated by Oman Sultani Decree No. 12/1979;

The Takaful Insurance Law promulgated by Oman Sultani Decree No. 11/2016;

The Implementing Regulation of Insurance Companies Law issued by Oman Ministerial Decision No. 5/1980;

Oman Decision No. 19/2017 on the Issuance of the Regulation of Insurance Brokerage Activities;

The Regulation for Insurance Products Marketing issued by Oman Decision No. 69/2017; and

The Implementing Regulation of the Takaful Insurance Law issued by Oman Capital Market Authority Decision No. 103/2019;

Based on the approval of the Board of Directors of the Capital Market Authority; and

The approval of the Ministry of Finance; and

The public interest requirements,

Hereby issues the following Decision:

Article 1

The provisions of the Regulation for Electronic Insurance Operations attached hereto shall come into force.

Article 2

Those who are addressed by the provisions of the attached Regulation shall adjust their situations in accordance with its provisions within (120) one hundred and twenty days from the date of its entry into force.