Oman: Banks Have to Comply with Specific Insurance Marketing Rules

Oman News developments

Oman: Banks Have to Comply with Specific Insurance Marketing Rules

Oman Daily Observer, 15 October 2023: Oman’s Capital Market Authority has approved new regulations, which will require banks to comply with specific insurance marketing rules.

The regulations are aimed at tackling unhealthy practices involved in the marketing of these products through banks and to reduce disputes between insurance policy holders related to the banking sector and companies during insurance claims.

Under the regulations, insurance companies cannot market any insurance products through banks without the approval of the Authority.

except after obtaining approval from the CMA.

More than one company cannot market the same insurance product with the same bank, or for the same branch of the bank.

Insurance companies have to retain at least 40% of the net premiums for insurance products marketed through banks, excluding life insurance products.

They have to retain at least 25% of property insurance and insurance products related to SMEs.

The Authority has the right to supervise and control the processes of selling and marketing products through provisions such as internal auditing that will notify it of any violations and set controls to ensure executives employed for marketing insurance products via banks comply with anti-money laundering and terrorist financing requirements.

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Tanya Jain