Governance, Risk and Compliance - The Omani Insurance Industry
Timetric’s 'Governance, Risk and Compliance – The Omani Insurance Industry' 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 Timetric’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.
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
Reasons To Buy
- 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.
- 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.
- 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.
- What is this Report About?
- Table Insurance Industry Definitions
- Governance, Risk and Compliance
- Table Oman - Insurance Regulatory Framework Key Features
- Legislation Overview and Historical Evolution
- Latest Changes in Regulations
- Legislation and Market Practice by Type of Insurance
- Life insurance
- Table Oman - Life Insurance Regulatory Framework
- Property insurance
- Table Oman - Property Insurance Regulatory Framework
- Motor insurance
- Table Oman - Motor Insurance Regulatory Framework
- Table Oman - No-Claims Discount Percentage s for Comprehensive and Third-Party Insurance
- Liability insurance
- Table Oman - Liability Insurance Regulatory Framework
- Marine, aviation and transit insurance
- Personal accident and health insurance
- Compulsory Insurance
- Motor third-party liability insurance
- Social insurance system
- Supervision and Control
- International Association of Insurance Supervisors
- Capital Market Authority
- Oman Insurance Association
- Non-Admitted Insurance Regulations
- Market practices
- Fines and penalties
- Company Registration and Operations
- Types of insurance organization
- Establishing a local company
- Foreign ownership
- Types of license
- Capital requirements
- Solvency margins
- Reserve requirements
- Investment regulations
- Statutory return requirements
- Fee structure
- Insurance premium or policy taxation
- Withholding taxes on premium paid overseas
- Corporate tax
- Table Oman - Corporate Tax Rates for the Financial Year 2015
- Captive s
- Legal System
- Acce ss to court
- Alternative dispute resolution (ADR)
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