Oman Capital Market Authority Decision No. E/80/2023

Issuing the Regulation for E-Insurance Processes

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

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

The Legislations Regulating the Insurance Sector issued by the Ministerial Decision No. 5/1980,

The Regulation for Insurance Brokers issued by Oman Capital Market Authority Decision No. E/19/2017,

Rules for the Marketing of Insurance and Takaful Products in Oman issued by Oman Capital Market Authority Decision No. E/69/2017,

Approval of the Board of Directors of the Capital Market Authority,

Approval of the Ministry of Finance, And in pursuance of public interest,

It has been decided,

Regulation for E-Insurance Processes

Chapter One - Definitions

Article 1

In the application of these provisions, the following words and expressions shall have the meaning respectively ascribed to them unless the context otherwise requires:

  • 1- CMA: The Capital Market Authority.

  • 2- Company: the company licensed to carry out insurance activity in accordance with the abovementioned Insurance Companies Law and Takaful Insurance Law.

  • 3- Broker: the legal person licensed to carry out brokerage activity in insurance.