Regulatory Alerts2017-04-23 | No. 19/2017Regulation on Insurance Brokerage Activities (Decision No. 19/2017)
The Capital Market Authority of Oman issued Decision No. 19/2017 to establish a comprehensive licensing framework for insurance brokerage activities, abrogating previous regulations. The regulation mandates minimum paid-up capital of 100,000 Omani Rials, requires brokers to obtain specific licenses and financial guarantees, and enforces strict professional conduct, transparency, and client fund segregation rules. Existing licensed brokers must align with the new provisions within twelve months, while new applicants face standardized application procedures and a three-year license validity subject to renewal.
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