Regulatory Alerts2016-04-11 | No. 28/2016Capital Market Authority Decision No. 28/2016 on Licensing Requirements for Insurance Companies' Agents
The Capital Market Authority of Oman issued Decision No. 28/2016 to establish comprehensive licensing requirements for insurance companies' agents, mandating that they operate as licensed legal persons. The regulation stipulates strict eligibility criteria, including Omani nationality for founders and staff, managerial qualifications, a maximum five-year agreement duration, and the submission of detailed applications with prescribed fees. It grants the Authority audit and enforcement powers to impose fines, suspend or cancel licenses for non-compliance, while allowing agents up to six months to adjust their operations and three years to meet Omanisation targets.
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