Regulation for Actuarial Services Firms (Decision No. E/6/2026)

Decision Decision No. E/6/2026 Regulation for Actuarial Services Firms Pursuant to the Insurance Companies Lawenacted by Royal Decree 12/79;and Takaful Lawenacted by Royal Decree No. 11/2016;and Royal Decree No. 20/2024 establishing the Financial Services Authority and issuing its Charter;and The Takaful Regulation issued by Decision No. 103 /2019;and ;The Approval of the Board of Directors of the Financial Services Authority The Approval of the Ministry of Finance;and In the interest of the public It has been decided First Article .The attached Regulation for Actuarial Services Firms shall have effect Second Article The addressees of this Regulation shall adjust their situations, in accordance with its provisions within not more than .one year from the date they come into force Third Article .Anything infringing this Decision or inconsistent with its provisions shall be repealed Fourth Article This decision shall be published in the Official Gazette and shall have effect on the day following the date of .publication Issued on: 19 Ramadhan 1447 H Corresponding to: March 9, 2026 Dr. Khamis Saif Hamoud Al Jabri Minister of Economy Chairman of the Board of Directors of the Financial Services Authority

Chapter One Definitions and General Provisions (Article (1 In the application of this Regulation the following words and expressions shall have the meaning respectively ascribed .to them unless the context otherwise requires FSA: The Financial Services Authority .1 Accredited Firm: The legal person licensed to provide actuarial services in accordance with the provisions of this .2 regulation Actuarial services: Actuarial services related to insurance accounts provided to the company, including the provision of .3 .opinions,advice, recommendations and presentation of results .Actuary: Anatural person working for the firm to provide actuarial services .4 Company : A company licensed by the FSA to carry out insurance or Takaful activities in accordance with the .5 .provisions of the Insurance Companies Lawand Takaful Law Register: Register for registration of accredited firms with the FSA .6 (Article (2 Actuarial services may only be provided through firms approved by the FSAexcept in the case of companies that have .appointed an actuary (Article (3 The firm may provide actuarial services to more than one company in the Sultanate of Oman provided the number shall .not exceed five (5) companies during the financial year Chapter Two Accreditation Procedures (Article (4 :Accreditation of the firms is subject to meeting the following conditions .It must take one of the forms of commercial companies stipulated in the Commercial Companies Law .1 For aforeign frim established outside the Sultanate of Oman, it must have no less than two (2) years of practical .2 .experience in the field of actuarial services All founders or owners, or at least one actuary among them, must hold a Fellowship qualification in actuarial .3 :science from one of the following bodies .a. The Institute and Faculty of Actuaries in the United Kingdom .b. The Society of Actuaries in the United States of America .c. Casualty Actuarial Society in the United States of America .d. AFellowship from an internationally recognized actuarial institute, subject to the FSA’s approval Each founder or owner and an actuary must be an active member of any of the bodies referred to in item (3) of .4 this Article,and their membership must not have been suspended or revoked during the two (2) years preceding .the submission of the application for approval to the FSA

At least one actuary must have practical experience of no less than ten (10) years in the insurance sector, of which .5 .at least two (2) years must be in actuarial services (Article (5 Without prejudice to the provisions of Article 81 of the Takaful Regulation, the actuary appointed in the firm must :satisfy the following two conditions He/she must possess the required professional and technical experience,and must not have been prohibited from .1 practicing the profession or subject to any disciplinary sanctions resulting from professional errors or legal violations related to his/her work during the two (2) years preceding the submission of the application for .approval to the FSA He/she must not have been convicted by afinal judgment of acrime involving dishonor or breach of trust, unless .2 .he/she has been rehabilitated (Article (6 Application for accreditation shall be submitted to the FSA on the form prepared for this purpose together with the :following Copy of commercial registration certificate .1 .Copy of constitutive contract,articles of association, work regulations and internal bylaws .2 Names of the founders and owners and their nationalities .3 Evidence that the founders and senior management members have not been, during the past five (5)years preceding .4 the application, declared bankrupt or convicted in any felony or dishonorable crime or breach of trust or any of .the crimes stipulated in the Commercial Companies Lawor Securities Lawor any other lawunless rehabilitated Statement of the number of employees and actuaries of the firm, their certificates and experience in actuarial .5 .services A declaration stating that the employees of the firm have no conflict of interest with the company's board of .6 .directors or its executive management .Evidence of Payment of the application consideration fees stated in the annexure .7 (Article (7 The FSAshall issue a decision to approve the firm within fifteen (15) working days from the date the applicant has submitted all required dataand documents. In the event the application is rejected, the decision must be justified. The applicant whose request is rejected may file an appeal with the FSAwithin sixty (60) days from the date of notification. The appeal must be decided within thirty (30) days from the date of its submission,and the lapse of this period without a .response shall be considered arejection of the appeal (Article (8 Accreditation shall be for three (3) years and may be renewed for similar term or terms based on an application .submitted thirty (30) days before the date of expiry on the form prepared for this purpose When renewing, it must be ensured that the firm has fulfilled all its obligations, in addition to meeting all the conditions .and requirements necessary for initial approval (Article (9 The accredited firm shall be registered in the registry and granted acertificate of accreditation confirming this. The firm must indicate its registration number in the registry on all documents it issues,and it must immediately notify the .FSAof any changes to the information recorded in the registry

Chapter Three Obligations and Prohibitions (Article (10 :The firm shall be committed to the following Its activities shall be limited to providing actuarial services,and it must conduct its work in accordance with actuarial .1 .principles and standards,and submit reports on its activities to the FSA,certified by the appointed actuary of the firm Prepare reports related to the company’s portfolio such as risk, loss trends, capital adequacy, method of calculation of .2 .technical provisions and the solvency of the company Setting the technical basis for pricing new insurance products of the company and specifying the amount due to life .3 .insurance policyholder on cancellation .Reviewthe pricing of the insurance services of the company and soundness of underwriting policy .4 Review the adequacy of insurance coverage, appropriateness, retention ratios commensurate with its financial .5 .capabilities and the nature of its risk profile .Reviewthe financial position of the company to showthe risk exposure of the company .6 .Reviewsurplus calculation in insurance contract that contain profit sharing .7 .Reviewthe basis for specifying technical and investment profits and distribution of dividends .8 Examination of the financial position of the individual insurance and capital redemption to estimate the value of .9 obligations and adequacy of the provisions .Evaluation of the soundness of the investment policy of the company .10 .Evaluation of the statistical system of the company .11 Evaluation of adequacy of the funds available to the company from its assets in general and liquidity in particular to .12 .maintain the solvency required for meeting the risks and current and future obligations of the company .Keeping the statements and registers related to the business of the firm for ten (10) years .13 (Article (11 In addition to the tasks provided for inArticle (9) of this regulation, the firm shall carry out the following with regard to :Takaful activities Reviewof the level of contributions the company requests from the participants and whether or not the technical basis .1 .are sound Reviewloss rates in calculation of participants fund and carry out technical analysis in case of continuation of loss in .2 the account to determine the reasons and whether the loss is due to expenses the accounts incurs or due to underwriting policy of the company or both. The firm must submit detailed annual report to the board of directors of the company .with copy to the FSAshowing proposed corrective measures Review the investment policy of the company of the funds in the participants fund and submit report to the board of .3 .directors of the company Reviewthe basis of distribution of surplus in the participants fund and prepare areport to the board of directors .4 Review the company’s policy in calculating Wakala fee and Mudharabah share and report to the Sharia supervisory .5 .committee and the board of directors of the company (Article (12 The firm shall be obliged by all the rules of professional practice and conduct in the field of actuarial services,

:specifically the following Integrity and honesty in all its acts .1 .Maintaining confidentiality of all the statements and documents obtained or possessed by virtue of the business .2 (Article (13 The firm shall be obliged to submit special reports to the FSA and the board of directors of the company or regional :management in case of branches of foreign firms in the following cases If it is established the firm is not applying the provisions of the laws and regulations, decisions and instructions issued .1 .by FSArelated to actuarial aspects If established the financial or technical position of the company is not enabling it to meet its obligation toward the .2 .insured or beneficiaries of insurance policies .If established the underwriting policy of the company will expose the financial position of the company to risk .3 In the event of their refusal or qualification on the contents of any report the company is required to submit to the .4 .FSA .If the management fails to enable the firm to carry out the work duly .5 .In case of detection of any matter that might adversely affect the financial position of the company .6 (Article (14 The FSAmay request any documents, inspect the books and transactions of the firm, or conduct any necessary .investigation regarding alleged violations (Article (15 It is prohibited for the firm, its management, or the actuaries working there to own any shares in the company or in insurance agents and brokers. It is also prohibited for those managing the firm and its employees to work for any .companies or entities affiliated with the insurance sector Chapter Four Administrative Penalties (Article (16 :In the event of violation of the provisions of this Regulation, the FSAmay impose any the following penalties Warning .1 (Administrative penalty not less than 1,000 (one thousand) and not more than 50,000 (fifty thousand .2 .Temporarily suspend the firm until the violation is removed .3 Cancel the accreditation of the firm .4 In the cases stipulated in items (1) and (2) of this Article, the FSAmust notify the violator of the reasons for the violation and grant a period to rectify it. It may also inform the entities referred to in item (3) of Article (4) of this .Regulation of the of the observed violations Afirm whose accreditation has been revoked may not apply for a newaccreditation until two (2) years have elapsed .from the date of issuance of the revocation decision

(Article (17 The FSAshall have the right, in the event of failure to pay the fees stated in the annexure attached with this regulation to .impose alate payment penalty not exceeding 5% of the prescribed fee for each week of delay (Article (18 :The FSAmay revoke the firm’s accreditation in the following cases .If the firm assigns or subcontracts any other entities to provide the actuarial services entrusted to it .1 .Failure to renewthe firm’s accreditation within the specified period .2 Failure of the firm to carry out its activities for one (1) year from the date of its approval without providing an .3 .excuse acceptable to the FSA If the accredited firm is suspended from practice due to a violation of the provisions of this Regulation and fails .4 .to rectify its status within the period specified by the FSA Annexure Fees Attached to the Regulation for Actuarial Services Firms Amount Fee S (OMR) 300 Consideration of accreditation application 1 Three Hundred 2,000 Accreditation or renewal of the firm 2 Two Thousand 20 Change of particulars in the register 3 Twenty Request for copies or extracts for each 4 request 20 Twenty