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Oman Insurance Industry - Governance, Risk and Compliance

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    Report

  • 70 Pages
  • December 2021
  • Region: Oman
  • GlobalData
  • ID: 5572995
1h Free Analyst Time
1h Free Analyst Time

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The publisher's ‘Oman Insurance Industry - Governance, Risk and Compliance’ report is the result of extensive research into the insurance regulatory framework in Oman

It provides 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.

The report brings together the publisher's research, modeling and analysis expertise, giving insurers access to information on prevailing insurance regulations, and recent and upcoming changes in the regulatory framework, taxation and legal system in the country. The report also includes the scope of non-admitted insurance in the country.

Key Highlights


  • The insurance industry of Oman is regulated by the CMA
  • 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

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 the country
  • 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

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 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 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

  • OMAN
  • Legislation Overview
  • Supervision and Control
  • Legislation
  • Compulsory Insurance
  • Non-Admitted Insurance Regulations
  • Company Registration and Operation
  • License
  • Foreign Direct Investment/Ownership
  • Minimum Capital Requirements
  • Solvency Margins
  • Reserve Requirements
  • Statutory Return Requirements
  • Fee Structure
  • Taxation
  • Tax on Insurance Premium
  • Corporate Income Tax
  • Corporate Capital Gains Tax
  • Value Added Tax
  • Legal System
  • Policy Practice
  • About the Publisher
  • Contact the Publisher

List of Tables
  • Oman - Corporate Tax Rates for the Financial Year 2021