Oman Capital Market Authority Decision No. E/18/2022
Amendments to Certain Provisions of the Executive Regulations for Implementation of the Insurance Companies Law
Based on the Insurance Companies Law promulgated by Oman Sultani Decree No. 12/1979; and
The Executive Regulation for Implementation of the Insurance Companies Law issued by Oman Ministerial Decision No. 5/1980; and
The approval of the Board of Directors of the Capital Market Authority;
In the interest of the public
It has been decided
Amendments to Certain Provisions of the Executive Regulations for Implementation of the Insurance Companies Law
Article 1
The texts of Articles 3, 9/K, 10 (bis), 22, 23, 24 and 43 of the Executive Regulation for Implementation of the Insurance Companies law shall be replaced by the following texts:
“Article (3)
The insurance company shall appoint an actuary or contract with a firm accredited by the CMA in accordance with requirements specified by the CMA in this regard.”
“Article (9) (k)
k. Solvency margin computation in accordance with the Law and its implementation decisions and the CMA’s instructions supported by documentary evidence separately for each of the general insurance, life insurance and health insurance activities.”
“Article 10 (bis)