Regulatory Alerts2026-03-09 | Decision No. E/6/2026Regulation for Actuarial Services Firms (Decision No. E/6/2026)
Issued by the Financial Services Authority of Oman, this regulation establishes a comprehensive accreditation framework for firms providing actuarial services to insurance and Takaful companies. It mandates strict eligibility criteria for founders and actuaries, defines core obligations including risk assessment, solvency reviews, and Takaful-specific reporting, and prohibits conflicts of interest with client entities. The FSA retains authority to grant or revoke three-year accreditations, impose administrative fines ranging from 1,000 to 50,000 OMR for violations, and enforce compliance through mandatory reporting and periodic inspections.
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