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Observer
2 days ago
- Business
- Observer
Oman ranks among top nations for insurance core compliance
Muscat: In a step that reflects the Sultanate of Oman's commitment to enhancing governance and regulation standards in the insurance sector, the International Association of Insurance Supervisors (IAIS) recently published a detailed assessment of the Sultanate's level of compliance with Insurance Core Principles (ICPs), following the Financial Services Authority's undergoing a comprehensive assessment in the Member Assessment Program (MAP) in early 2024. Thus, the Sultanate of Oman is the fifth country in the world to undergo this assessment after Guernsey, Morocco, Mexico and Albania. The program 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 MAP program aims to review the supervisory and regulatory policies and practices adopted in the insurance sector and measure their compatibility with ICPs issued by the IAIS. The assessment continued for more than a year during which it covered multiple stages starting from preparation and training, reviewing laws and legislation, field visit carried out in September 2024 and lasted for two weeks during which the assessment team, which comprised representatives of international regulators and independent experts, met with FSA and key partners in the sector, including insurance companies, brokers, auditors and government officials in addition to the Oman Insurance Association. The international assessment conducted by the IAIS concluded that the Sultanate of Oman has an advanced regulatory and supervisory framework in the insurance sector. The results of the report showed a good level of compliance with the Insurance Core Principles (ICPs), with the majority of the principles rated as 'compliant' or 'largely compliant. The report, which was prepared after a field visit and approved in June 2025, noted the remarkable progress achieved by the Sultanate of Oman by introducing risk-based requirements and enhancing technical supervisions, including actuarial reviews. The report also included recommendations for developing certain regulatory aspects, which constitute the basis for improving performance and protecting the rights of beneficiaries in the insurance market It is worth noting that ICPs represent a standard framework developed by the IAIS with the aim of guiding supervisors around the world to apply best practices in the regulation and supervision of the insurance sector. These standards cover various aspects related to supervision such as governance, risk management, beneficiary protection and financial stability and is considered an essential reference for assessing the effectiveness of regulatory frameworks and encouraging legislative harmony between countries.
Times of Oman
2 days ago
- Business
- Times of Oman
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.
Zawya
19-06-2025
- Health
- Zawya
Oman: FSA prepares for second phase of Dhamani platform
Muscat: In preparation for launching the second phase of the National Health Insurance Platform 'Dhamani' scheme, the Financial Services Authority organized a preparatory meeting with insurance companies and representatives of private healthcare institutions to arrange for implementing the second phase of the 'Dhamani' electronic platform. The second phase includes readying the 'Dhamani' electronic platform to exchange medical documents such as x-rays, prescriptions and medical referrals between private healthcare institutions and insurance companies on the one hand and between all hospitals, complexes, clinics and specialized health centers on the other hand. The two-day meeting was organized within the framework of the community participation adopted by the FSA while developing regulatory schemes. The meeting reviewed the nature of the components of the phase with the relevant parties to find out mechanisms for dealing with them, in addition to discussing the key challenges expected in the implementation and how to address them. This phase is considered important within the framework of launching the 'Dhamani' electronic platform as it progresses the platform towards broader services such as building a unified medical record for the insured that allow access to all the details of visits to any health institution linked to the platform. The national health insurance platform 'Dhamani' also adds value in organizing health insurance transactions in the Sultanate of Oman by linking operational and financial transactions between insurance companies, private healthcare institutions; health insurance claims administrators and regulators including government entities supervising the insurance market and private healthcare institutions. It is worth noting that the platform proved its efficiency and digital effectiveness during the operational period, as the number of health insurance transactions concluded through the platform reached more than 4 million transactions until the end of May 2025. All insurance institutions were linked to this platform in addition to the connection of all private hospitals licensed by the Ministry of Health, which are 33 hospitals. While the number of health complexes linked to the platform has reached 37 private health complexes so far, 20 clinics and 44 health centers. The platform also provides its services to more than 650,000 health insurance policyholders with a data and information exchange rate of up to 40,000 transactions per day. 2022 © All right reserved for Oman Establishment for Press, Publication and Advertising (OEPPA) Provided by SyndiGate Media Inc. (
Business Times
16-06-2025
- Business
- Business Times
Indonesia bourse mulls extending trading window by one hour
[JAKARTA] Indonesia's stock exchange will consider extending trading hours, in its latest effort to draw foreign investors to South-east Asia's biggest economy after heavy sell-offs earlier this year. The local bourse could start trade at 8.00 am to appeal to Asian investors in earlier time zones, or end later at 5.00 pm to better reach European traders, Iman Rachman, president director of Indonesia Stock Exchange (IDX), said on Thursday (Jun 12). Extending timings on both ends is also being considered as part of an internal review that may conclude in three months, he said. The Indonesian stock market currently operates in a seven-hour window of 9.00 am to 4.00 pm. Extended trading hours may help boost trading volumes and allow investors to respond to global events in real time. The consideration comes amid concerns over foreign outflows from local stocks and rising global uncertainties, and as investors debate the sustainability of a recent rebound in local equities. The stock market entered into a technical bear market earlier this year before bouncing back in the current quarter. A series of routs prompted the IDX to defer the rollout of short-selling in stocks until September. The exchange aims to implement short-selling in the fourth quarter, provided it gets a nod from the Financial Services Authority, Rachman said. It also plans to introduce 'liquidity providers' to improve the market's depth and create fair value for stocks, with 13 firms registering for the role, he said. Overseas investors have pulled a net US$2.9 billion from Indonesian equities so far this year – the biggest withdrawal across South-east Asia in the period, according to data compiled by Bloomberg. Caution is rising over the nation's economic outlook as recent trade and manufacturing data suggest momentum remains lacklustre. Other points from the interview:
Al Etihad
10-06-2025
- Business
- Al Etihad
ADGM FSRA implements amendments to its digital asset regulatory framework
10 June 2025 14:56 ABU DHABI (WAM)The Financial Services Authority (FSRA) of Abu Dhabi Global Market (ADGM) on Tuesday announced the implementation of amendments to its regulatory framework for digital assets, with immediate implementation of these amendments follows extensive industry engagement and feedback received on Consultation Paper No. 11 of focus of the implemented amendments is on revisions to the process whereby Virtual Assets (VAs) are accepted for use as Accepted Virtual Assets (AVAs) in ADGM, alongside appropriate capital requirements and fees for Authorised Persons conducting Regulated Activities in relation to VAs (VA Firms).The amendments also introduce a specific product intervention power in relation to VAs, as well as enshrining rules that confirm our existing approach to the prohibition of using privacy tokens and algorithmic stablecoins within the amendments expand the scope of investments in which Venture Capital Funds may FSRA has updated the Guidance – Regulation of Virtual Asset Activities in ADGM to reflect the implemented measures and to provide further guidance to VA Firms in relation to applying the AVA assessment Executive Officer of ADGM's FSRA, Emmanuel Givanakis, said, "The implementation of these changes marks a significant milestone in the evolution of the FSRA's framework for digital asset regulation. Through extensive consultation with industry stakeholders, we have further enhanced our framework to provide the regulatory certainty that industry participants need, while addressing the evolving risks of the digital asset ecosystem.""We believe this further positions ADGM as a premier jurisdiction for digital asset-related activities and shows our commitment to fostering responsible innovation in financial services." The FSRA acknowledges the constructive and well-received feedback received in response to the Consultation Paper, including in relation to the discussion points raised.
