Fsa-Logo3
Fsa-Logo4
Home Page Help Contact Us Site Map FSA Business Portal Email

About FSA

Establishment of the FSA FSA Objectives Strategy Board of Directors
Executive Management The Organizational Structure Vision & Mission Roles and responsibilities
Values

E-Services

Individuals Dissatisfaction of Service Provided By the FSA Appeals Service Vehicle Compensation Value after Total Loss Complaint against company operating in the field of securities Help Fund Vehicle Insurance Rates
Corporation Services Issuance of Internal Auditor Accreditation Application for Adding an Activity Issuing a License for a Company Operating in the Securities Field Renewal of License for a Company Operating in the Securities Field Accreditation of Legal Advisor Securities Companies Branch License New Request
Show All Services

Media Center

Photos Videos News Community Participation Events Publications FAQ Children Stories

Licensed & Accredited

Insurance Companies Insurance Brokers Insurance Agents Re Insurance Companies Health Insurance Third Party Administration Companies Working in the field of Securities Investment Funds Extrenal Auditors (Authorized & Accredited) Internal Auditors Capital Market Institution Legal Advisor Valuation Companies Accounting and Auditing Offices (Authorized)

Open Data

About Open Data The Principles of Open Data Contact us About Open Data

Vacancies (0)

No Available Vacancy!
Follow us on social media platforms Learn more about FSA
  • About FSA
    About FSA
    Establishment of the FSA FSA Objectives Strategy Board of Directors
    Executive Management The Organizational Structure Vision & Mission Roles and responsibilities
    Values
  • E-Services
    E-Services
    Individuals Dissatisfaction of Service Provided By the FSA Appeals Service Vehicle Compensation Value after Total Loss Complaint against company operating in the field of securities Help Fund Vehicle Insurance Rates
    Corporation Services Issuance of Internal Auditor Accreditation Application for Adding an Activity Issuing a License for a Company Operating in the Securities Field Renewal of License for a Company Operating in the Securities Field Accreditation of Legal Advisor Securities Companies Branch License New Request
    Show All Services
  • Media Center
    Media Center
    Photos Videos News Community Participation
    Publications FAQ Children Stories
  • Licensed & Accredited
    Authorized and Accredited Persons
    Insurance Companies Insurance Brokers Insurance Agents Re Insurance Companies Health Insurance Third Party Administration Companies Working in the field of Securities Investment Funds
    Extrenal Auditors (Authorized & Accredited) Internal Auditors Capital Market Institution Legal Advisor Valuation Companies Accounting and Auditing Offices (Authorized)
  • Open Data
    Open Data
    About Open Data The Principles of Open Data Contact us About Open Data
  • Vacancies (0)
Vacancies

No Available Vacancy!


Follow us on social media platforms

Learn more about FSA
Tweeter
Share With
Home >News >CMA Issues Insurance Brokers Regulation
Listen
print

CMA Issues Insurance Brokers Regulation

27 June 2013

News

The Capital Market Authority has issued Decision No.53/2013 promulgating the Regulation for Insurance Brokers to regulate the business and develop the performance in line with the insurance market’s movement.


Ahmed Ali Al Maamari, Director of Financial and Technical Regulation said the regulation would add an efficient regulatory dimension to upgrade the profession of insurance brokers.

 

The new regulation focus on the technical and legal aspects of insurance brokers business for the sake of providing more professional services to clients according to specific mechanisms in the local market and according to best international practices to ensure the rights of the transacting parties especially the policyholders and to regulate the relationship between insurers and clients through a number of requirements such as segregation of clients and  insurers funds from the brokers’ funds, the requirement of written agreement between the broker and insurer in addition to specifying the brokers responsibility toward the clients,  ensuring the broker providing best prices for the insurance coverage and specifying  a term for payment of dues to the insurers and clients.

 

The regulation provides a definition for the broker as being the person who is licensed by CMA to carry out insurance brokers business to intermediate between the clients and insurers in consideration of commission from the insurer. 

Insurance brokerage takes two main forms  according to international practices. The broker may market the insurance products licensed for the insurer they represent which is called insurance agent while the second form is the independent broker who markets the products of  several insurers which include property insurance, life assurance, health insurance etc.

 

The broker represents the policyholders  and act on their behalf in the execution of insurance operations as well as playing the role  of a consultants through selection of appropriate type of insurance as well as the insurer. They assist the client in selecting the suitable coverage.

 

There are 32 insurance  brokers carrying out insurance business according to Insurance Regulations issued vide Ministerial Decision No. 101/1990 which was repealed by Decision No. 53/2013 and granted the brokers six months to correct their status according to the new regulation which may be extended according to the discretion of the Executive President of CMA for not more than six months.





Previous    Next   

Archives

  • 2025
  • 2024
  • 2023
  • 2022
  • 2021
  • 2020
  • 2019
  • 2018
  • 2017
  • 2016
  • 2015
  • 2014
  • 2013

Publications +

  • IPOs
  • Insurance Publications
  • Annual Report
  • Insurance Market Review
  • Awareness

FSA Services +

  • Administrative
  • Insurance
  • Capital Market
  • Inquiries & Complaints
  • Job Vacancies (0)
footer-logo
footer-logo sm-m-auto
info@fsa.gov.om
Country Code : 00968
Phone (Operator) : 24823100
All Rights Reseved -©2025- Financial Services Authority
FSA Sectors
  • Insurance Sector
  • Capital Market
Publications
  • IPOs
  • Insurance Publications
  • Annual Report
  • Insurance Market Review
Useful Links
  • Local Links
  • Arabics Links
  • International Links
  • instagram
  • twitter
  • youtube
Download The App
playStore
playStoreQr
appleStore
appleStoreQr
About Us Privacy Contact Us footer-logo

Choose Color theme

Accessibility Option

Night Mode

Translate This Page

( FSA is not responsible for the translation output by google )

Virtual Tour

We will be happy to know your feedback
Weak
Excellent
This field is required
Thank you for your feedback