Regulatory Alerts2023-09-21 | No. 80/2023Regulation for Electronic Insurance Operations
The Capital Market Authority of Oman issued Decision No. 80/2023 to establish a comprehensive regulatory framework for electronic insurance operations, requiring licensed companies and brokers to obtain official approval and operate dedicated digital platforms. The regulation mandates strict operational, security, and privacy standards, including platform availability, customer data verification, secure financial payments, and mandatory biennial audits. Non-compliant entities face administrative penalties ranging from warnings to fines or approval cancellation, while all approved operations must maintain customer registers for at least ten years and submit detailed business plans.
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