Regulatory Alerts2019-12-11 | No. 103/2019Implementing Regulation for the Takaful Insurance Law (Decision No. 103/2019)
The Capital Market Authority of Oman has issued Decision No. 103/2019 to establish the Implementing Regulation for the Takaful Insurance Law, mandating strict operational and financial frameworks for licensed companies. The regulation requires the segregation of Shareholders' and Participants' Funds, defines three distinct insurance branches (Family, General, and Health), and outlines comprehensive licensing procedures including business plans, Qard al-Hasan policies, and Omanisation commitments. It further empowers the Authority to enforce capital thresholds, manage recurring financial deficits through appointed actuaries and corrective measures, and revoke licenses or restrict contract issuance for non-compliant entities.
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