CMA okays amendments to Insurance Agents Regulation

Muscat: Oman’s insurance regulator Capital Market Authority (CMA) has approved the new amendments to the Insurance Agents’ Regulation.
Sheikh Abullah Salim Al Salmi, executive president of Capital Market Authority has confirmed that the new amendment to the Insurance Agents Regulation has stressed on the importance of Omanisaton of the profession to achieve added value to the national economy and the partnership with the private sectors.
The insurance sector grew by 14.8 per cent in the past seven years with the turnover touching OMR446 million.
The statement was made in conjunctions with the issuance of Decision No. 28/2016 which was published in the Official Gazette which granted the agents six months to adjust their situation except the provision for Omanisation which is required in three years.
He explained that the amendment was made after assessment of the situation in light of the former version of the regulation which provides for a number of the requirements for obtaining the licence. The key changes included Omanisation of the profession and the support of the investment initiatives in establishing small and medium enterprises.
He point out that the insurance agent plays an important role in marketing the insurance products over a large geographical area.
The insurance sector has witnessed legislative and regulatory developments this year such as the amendments to the Moto Vehicle Insurance Law, the Unified Motor Insurance Policy and the Insurance brokers regulation.