Latest news with #IAIS
Zawya
2 days ago
- Business
- Zawya
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. 2022 © All right reserved for Oman Establishment for Press, Publication and Advertising (OEPPA) Provided by SyndiGate Media Inc. (
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.
Observer
2 days ago
- Business
- Observer
Oman among toppers in insurance regulation
BASEL: The International Association of Insurance Supervisors (IAIS), headquartered in Basel, Switzerland, has published a detailed assessment confirming the Sultanate of Oman's advanced regulatory and supervisory framework for the insurance sector. The evaluation demonstrates Oman's strong compliance with the Insurance Core Principles (ICPs). This follows a comprehensive assessment of the Financial Services Authority (FSA) under the IAIS Membership Assessment Programme in early 2024, making Oman the fifth country worldwide to undergo this review — after Guernsey, Morocco, Mexico and Albania. The year-long IAIS evaluation involved multiple phases, including preparation, training, legislative review, and an on-site visit. The assessment team — comprising representatives from international regulatory bodies and independent experts — met with the FSA and key sector stakeholders, including insurance companies, brokers, auditors, government officials and the Oman Insurance Association. The report results indicate a strong level of compliance with international insurance standards, with the majority of principles rated as "Compliant" or "Largely Compliant." It highlights Oman's significant progress in implementing risk-based requirements and enhancing technical supervision, including actuarial review. The report also provides recommendations for developing certain supervisory aspects, forming a basis for performance improvement and policyholder protection in the insurance market. The IAIS programme evaluates regulatory bodies' adherence to 24 international insurance standards, which serve as the benchmark for effective insurance supervision. It also reviews supervisory policies and practices in the insurance sector, measuring their alignment with IAIS global standards. Notably, the IAIS Insurance Core Principles represent a global framework designed to guide regulators worldwide in implementing best practices for insurance regulation and supervision. These standards cover various supervisory aspects, including governance, risk management, policyholder protection and financial stability, serving as a key reference for assessing regulatory effectiveness and promoting legislative harmonisation among nations. - ONA
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.
