Oman
Ranks Among Leading Nations in Compliance with International Insurance
Supervision Standards Basel,
30 Jun (ONA) — 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 Program 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 program 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 harmonization among nations.

—Ends/AG