Regulatory Alerts1979-03-21 | No. 12/79Royal Decree No. 12/79 Promulgating the Insurance Companies Law
Sultan Qaboos bin Said issued Royal Decree No. 12/79 to establish a comprehensive regulatory framework for all insurance companies operating within Oman. The decree mandates that insurers operate as licensed shareholding companies with a minimum capital of ten million Omani Rials, maintain strict solvency limits, and secure reinsurance coverage. It further requires licensed entities to appoint qualified directors and actuaries, maintain separate financial accounts for life and general insurance groups, and submit audited annual reports to the Ministry for continuous oversight.
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