Oman Insurance Industry – Governance, Risk and Compliance
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Oman Insurance Industry Report Overview
The Oman insurance industry is regulated mainly by the Capital Market Authority (CMA), the Oman Insurance Association (OIA), and the International Association of Insurance Supervisors (IAIS). The Oman insurance industry research report provides a detailed analysis of the insurance regulations for life, property, motor, liability, personal accident, and health, and marine, aviation, and transit insurance. The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries. It also gives insurers access to information on prevailing insurance regulations, and recent and upcoming changes in the regulatory framework, taxation, and legal system in the country. Moreover, it includes the scope of non-admitted insurance in the country.
Key Regulators | · Capital Market Authority (CMA)
· International Association of Insurance Supervisors (IAIS) · The Oman Insurance Association (OIA) |
Compulsory Insurances | · Motor Third-Party Liability Insurance
· Marine Liability Insurance · Professional Indemnity Insurance · Social Security Insurance |
Key Taxes | · Tax on Insurance Premium
· Corporate Income Tax · Corporate Capital Gains Tax · Value Added Tax |
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Oman Insurance Industry – Key Regulators and Legislation
Capital Market Authority (CMA): The CMA is the supervisory governmental institution responsible for regulating the capital market and insurance industry in Oman. It was established in 1998 and took control of the insurance industry in 2004. The CMA is financially and administratively independent. Its administrative structure comprises a board of directors headed by the Minister of Commerce and Industry, an executive administration including an executive president and vice-executive president and three vice presidents.
International Association of Insurance Supervisors (IAIS): The IAIS represents regulators and supervisors of 190 jurisdictions in more than 140 countries. It formulates and issues various global principles, standards, and guidance provides training and support on issues related to supervision, and organizes meetings and seminars for supervisors. The primary objectives of the IAIS are to promote effective and globally consistent supervision of the industry to develop and maintain a fair, safe, and stable market for the benefit and protection of policyholders, and to contribute to global financial stability.
The key laws and regulations in the Oman insurance industry are as follows:
- Insurance Companies Law, 1979
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Oman Insurance Industry - Compulsory Insurance
Some of the key compulsory insurances required within the Oman insurance industry are:
- Motor Third-Party Liability Insurance
- Marine Liability Insurance
- Professional Indemnity Insurance
- Social Security Insurance
Oman Insurance Industry Analysis by Compulsory Insurances
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Oman Insurance Industry - Company Registration and Operation
A license is required to operate in the Oman insurance industry. To begin insurance operations in Oman, an insurance company is required to register its operations with the CMA. The establishment of insurance companies in the country is supervised and regulated by the CMA, however, the Executive President of the Authority grants licenses to applicants. The guidelines for establishing an insurance company in the country are outlined in the Regulation for the Requirements of Licensing Insurance Business.
According to the regulation, applicants are required to seek initial approval from the CMA, and then apply for a license. The data and supporting documents to obtain initial approval include details of the capital, type of insurance, and whereabouts of the founders. After receiving all the required information, the CMA issues an initial approval stating that the applicant has fulfilled all initial requirements. Having received the initial approval, the intending company should complete an application form and attach the receipt of the application fee paid in addition to the following documents:
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Oman Insurance Industry - Taxation
The different types of taxes in the Oman insurance industry are tax on insurance premiums, corporate income tax, corporate capital gains tax, and value-added tax.
Corporate Income Tax: Taxation in Oman is administered and supervised by the Ministry of Finance and the Secretariat General for Taxation. They are responsible for achieving an effective, efficient, transparent, and taxpayer-oriented tax administration. It is imposed on both resident and non-resident companies. Resident companies are subject to tax on their global income, whereas non-resident companies are taxed on their income derived from Oman.
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Scope
- The report covers details of the insurance regulatory framework in Oman.
- The report contains details of the rules and regulations governing insurance products and insurance entities.
- The report lists and analyzes key trends and developments in the country’s insurance regulatory framework.
- The report analyzes the rules and regulations about the establishment and operation of insurance businesses in the country.
- The report provides details of taxation imposed on insurance products and insurance companies.
Key Highlights
- The insurance industry of Oman is regulated by the CMA.
- Motor third-party liability insurance, professional indemnity insurance for insurance intermediaries and doctors, and liability insurance for oil pollution are the compulsory classes of insurance in Oman.
- Composite insurance is permitted in the Omani insurance industry.
- Non-admitted insurance is prohibited, except for life insurance and reinsurance on a cross-border basis.
Reasons to Buy
- Provides FAQ-style analytical insights comprising 129 knowledge elements on insurance compliance applicable to the country.
- Gain insights into the insurance regulatory framework in Oman.
- Track the latest regulatory changes and expected changes impacting the Oman insurance industry.
- Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the country.
- Understand key regulations and market practices about various types of insurance products.
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Frequently asked questions
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Who is the key regulator of the Oman insurance industry?
The Oman insurance industry is regulated mainly by the Capital Market Authority (CMA).
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Which other bodies oversee the Oman insurance industry?
Other bodies that oversee the Oman insurance industry are IAIS and The Oman Insurance Association (OIA).
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What are the compulsory insurances in the Oman insurance industry?
Some of the compulsory insurances required within the Oman insurance industry are motor third-party liability insurance, marine liability insurance, professional indemnity insurance, and social security insurance.
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What are the types of taxes imposed in the Oman insurance industry?
The different types of taxes in the Oman insurance industry are tax on insurance premiums, corporate income tax, corporate capital gains tax, and value-added tax.
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