Oman Capital Market Authority Decision No. H/4/2024
On the Issuance of the Form of the Standard Policy of Borrowers’ Life Insurance
Abrogates
Oman Capital Market Authority Decision No. K/4/2023 dated 15/01/2023
After perusal of the Insurance Companies Law issued by Sultani Decree No. 12/79;
The form of the standard insurance policy for borrowers’ life issued by Oman Capital Market Authority Decision No. K/4/2023, and the approval of the Board of Directors of the Capital Market Authority; and
Based on the public interest requirements,
The following has been decided:
Form of the Standard Policy of Borrowers’ Life Insurance
Chapter 1 - Definitions
In application of the provisions of this Policy and its annexes, the following terms and expressions shall have the meanings assigned against each, unless the context stipulates otherwise:
Article 1 - Policy
The Standard Policy for Borrowers’ Life Insurance.
Article 2 - Insurer
The insurance company that is licensed to practice the life insurance activity.