HE Sheikh Abullah Salim Al Salmi, Executive President of the Capital Market Authority  has confirmed that the new amendment to the Insurance Agents Regulation has stressed on the importance of Omanizaton  of the profession  to achieve added value to the national economy and the partnership  with the private sectors.

 

The statement was made in conjunctions with the issuance of Decision No. 28/2016 which was published in the Official Gazette which granted the agents six  months to adjust their situation except the provision for Omanization which is required in three years.

 

HE explained that the amendment were made after assessment of the situation in light of the former version of the regulation which provides for  a number of the requirements for obtaining the license. The key changes included Omanization of the profession and the support of the investment initiatives in  establishing small and medium enterprises.

 

HE point out that the insurance agent plays  an important role in marketing the insurance products  over a large geographical area.

 

The insurance sector has witnessed legislative and regulatory developments this year such as the amendments to the Moto Vehicle Insurance Law, the Unified Motor Insurance Policy and the Insurance brokers regulation.

 

The insurance sector grew by 14.8% in the past seven years  with  a turnover at RO 446 million.