Dublin, Feb. 19, 2025 (GLOBE NEWSWIRE) -- The "Oman Insurance Industry - Governance, Risk and Compliance" report has been added to ResearchAndMarkets.com's offering.
The 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 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 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.
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.
Key Topics Covered:
1. Legislation Overview
1.1 Supervision and Control
1.2 Legislation
2. Compulsory Insurance
3. Non-Admitted Insurance Regulations
4. Company Registration and Operation
4.1 License
4.2 Foreign Direct Investment / Ownership
4.3 Minimum Capital Requirements
4.4 Solvency Margins
4.5 Reserve Requirements
4.6 Statutory Return Requirements
4.7 Fee Structure
5. Taxation
5.1 Tax on Insurance Premium
5.2 Corporate Income Tax
5.3 Corporate Capital Gains Tax
5.4 Value Added Tax
6. Legal System
7. Policy Practice
For more information about this report visit https://www.researchandmarkets.com/r/9kqik8
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