Regulatory Alerts1980-01-09 | No. 5/80Implementing Regulation of the Insurance Companies Law (No. 5/80)
Issued by Oman’s Minister of Commerce and Industry in January 1980, Decision No. 5/80 establishes the implementing regulations for the Insurance Companies Law, mandating licensing criteria, operational standards, and financial compliance for all insurance entities operating in the Sultanate. Foreign companies must maintain a minimum capital of five million Omani Rials, deposit security guarantees with the Capital Market Authority, and appoint a locally resident manager authorized to handle technical operations and policy issuance. The regulation further requires strict record-keeping, separate accounting for life and general insurance branches, quarterly financial reporting, actuarial calculations of technical reserves, and mandatory annual audits to ensure solvency and policyholder protection.