Governance, Risk and Compliance - The Omani Insurance Industry

Governance, Risk and Compliance - The Omani Insurance Industry

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Published on Oct 25, 2015 - 33 pages

The report provides insights into the governance, risk and compliance framework pertaining to the insurance industry in Oman, including:
  • An overview of the insurance regulatory framework in Oman
  • The latest key changes, and changes expected in the country's insurance regulatory framework
  • Key regulations and market practices related to different types of insurance product in the country
  • Rules and regulations pertaining to key classes of compulsory insurance, and the scope of non-admitted insurance in Oman
  • Key parameters including licensing requirements, permitted foreign direct investment, minimum capital requirements, solvency and reserve requirements, and investment regulations
  • Details of the tax and legal systems in the country
Report Highlights
  • The insurance industry of Oman is regulated by the Capital Market Authority.
  • 100% FDI is permitted in the Omani insurance industry.
  • 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.
Report 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 pertaining to the country's insurance regulatory framework.
  • The report analyzes the rules and regulations pertaining to the establishment and operation of insurance businesses in the country.
  • The report provides details of taxation imposed on insurance products and insurance companies.
Reasons to Get this Report
  • Gain insights into the insurance regulatory framework in Oman.
  • Track the latest regulatory changes, and expected changes impacting the Omani 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 pertaining to various types of insurance product.

Table of Contents

1 Introduction
1.1 What is this Report About?
1.2 Definitions
2 Governance, Risk and Compliance
2.1 Legislation Overview and Historical Evolution
2.2 Latest Changes in Regulations
2.3 Legislation and Market Practice by Type of Insurance
2.3.1 Life insurance
2.3.2 Property insurance
2.3.3 Motor insurance
2.3.4 Liability insurance
2.3.5 Marine, aviation and transit insurance
2.3.6 Personal accident and health insurance
2.4 Compulsory Insurance
2.4.1 Motor third-party liability insurance
2.4.2 Social insurance system
2.5 Supervision and Control
2.5.1 International Association of Insurance Supervisors
2.5.2 Capital Market Authority
2.5.3 Oman Insurance Association
2.6 Non-Admitted Insurance Regulations
2.6.1 Overview
2.6.2 Intermediaries
2.6.3 Market practices
2.6.4 Fines and penalties
2.7 Company Registration and Operations
2.7.1 Types of insurance organization
2.7.2 Establishing a local company
2.7.3 Foreign ownership
2.7.4 Types of license
2.7.5 Capital requirements
2.7.6 Solvency margins
2.7.7 Reserve requirements
2.7.8 Investment regulations
2.7.9 Statutory return requirements
2.7.10 Fee structure
2.8 Taxation
2.8.1 Insurance premium or policy taxation
2.8.2 Withholding taxes on premium paid overseas
2.8.3 Corporate tax
2.8.4 VAT
2.8.5 Captives
2.9 Legal System
2.9.1 Introduction
2.9.2 Access to court
2.9.3 Alternative dispute resolution (ADR)
3 Appendix
3.1 Methodology
3.2 Contact Timetric
3.3 About Timetric
3.4 Timetric's Services
3.5 Disclaimer

List of Tables

Table 1: Insurance Industry Definitions
Table 2: Oman - Insurance Regulatory Framework Key Features
Table 3: Oman - Life Insurance Regulatory Framework
Table 4: Oman - Property Insurance Regulatory Framework
Table 5: Oman - Motor Insurance Regulatory Framework
Table 6: Oman - No-Claims Discount Percentages for Comprehensive and Third-Party Insurance
Table 7: Oman - Liability Insurance Regulatory Framework
Table 8: Oman - Corporate Tax Rates for the Financial Year 2015

List of Figures

Figure 1: Oman - Insurance Supervision and Control at Various Levels
Figure 2: Oman - Insurance Regulatory Frameworks for Company Registration and Operation