Oman among top 5 countries in insurance core compliance
Basel: The International Association of Insurance Supervisors (IAIS) recently published a detailed assessment of the Sultanate's level of compliance with Insurance Core Principles (ICPs), confirming that it has an advanced regulatory and supervisory framework for the insurance sector.
This follows the Financial Services Authority's comprehensive assessment as part of its Member Assessment Programme in early 2024.
Oman is now the fifth country worldwide to conduct this assessment, following Guernsey, Morocco, Mexico, and Albania. The programme aims to assess the extent of regulators compliance with ICPs, which include 24 standards that constitute the frame of reference for effective supervision of the insurance sector.
The assessment, conducted by the International Organization of Insurance Supervisors (IOIS), spanned over a period of more than a year, encompassing multiple phases, from preparation and training, to reviewing laws and regulations, and finally a field visit.
During the visit, the assessment team, which included representatives from international regulatory bodies and independent experts, met with the Authority and key industry partners, including insurance companies, brokers, auditors, and government officials, in addition to the Oman Insurance Association.
The report's results showed a good level of commitment by the Sultanate of Oman to international insurance principles, with most of the principles being rated as 'compliant' or 'largely compliant.'
The report noted the significant progress achieved by Oman through the introduction of risk-based requirements and enhanced technical oversight, including actuarial review. The report also included recommendations for developing certain regulatory aspects, which would form the basis for improving performance and protecting the rights of beneficiaries in the insurance market.
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Observer
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