Oman's insurance regulatory and supervisory framework is assessed as having a good level of observance of the Insurance Core Principles (ICPs). A majority of the ICPs are assessed as either 'Observed' or 'Largely Observed', said the International Association of Insurance Supervisors (IAIS).
The assessment was conducted on behalf of the IAIS at the request of the Capital Market Authority (CMA), a member agency, whose functions were absorbed in March 2024 into the new Financial Services Authority (FSA). The work was carried out between April 2024 and June 2025. The assessment is benchmarked against the ICPs issued by the IAIS in October 2011, including revisions approved by the IAIS up until November 2019. The team of assessors, which was drawn from IAIS members and the Secretariat, was supported by an external consultant. Meetings were held with the FSA’s senior management and its staff, government officials, insurers and intermediaries, auditors and the industry association.
In a report, titled “Detailed Assessment of Observance IAIS Insurance Core Principles (ICPs)—Sultanate of Oman”, the IAIS said, “The FSA has been developing its regulation and supervision in recent years, introducing new risk-based capital requirements, for example, and enhancing its supervision of insurers, including the input of actuarial review. For many of the ICPs assessed as ‘Partly Observed’, the FSA is already working on reforms likely to lead to greater observance, facilitated by the completion of its transition to a new internal organisation, absorbing the responsibilities that came with its establishment in early 2024.
“The assessment of one ICP (Group-wide Supervision) as ‘Not Observed’ reflects the recent establishment of an insurance group, the only one based in Oman.
“The FSA now needs to put in place a group-wide (and cross-border) regulatory and supervisory framework to supplement its close focus on individual licensed legal entities.”
Summary of observance levels of ICPs
Total 24
Observed (O) 5
Largely Observed (LO) 8
Partly Observed (PO) 10
Not Observed (NO) 1