Oman Capital Market Authority Decision No. E/84/2023

Issuing The Regulation for Bancassurance

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Abrogating

Oman Capital Market Authority Decision No. E/21/2010

Pursuant to the Insurance Companies Law enacted by Oman Sultani Decree 12/1979; and

Motor Vehicle Insurance Law enacted by Oman Sultani Decree No. 34/1994; and

Takaful Insurance Law enacted by Oman Sultani Decree No. 11/2016; and

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

Takaful Insurance Regulation issued by Oman Capital Market Authority Decision No. 103/2019; and

The Directive for Bancassurance issued by Oman Capital Market Authority Decision No. E/21/2010;

The approval of the Ministry of Finance;

The approval of the Board of Directors of the Capital Market Authority,

In the interest of the public

It has been decided

Regulation for Bancassurance

Chapter 1 - Definitions and General Provisions

Article 1

In the application of this Regulations, the following words and expressions shall have the meaning, respectively, ascribed to them unless the context otherwise requires.

  • 1- CMA: Capital Market Authority

  • 2- CBO: Central Bank of Oman

  • 3- Company: Insurance company or Takaful company licensed by the CMA.

  • 4- Bank: a bank licensed by the CBO