MUSCAT : This move is part of the FSA’s ongoing efforts to strengthen regulatory compliance and enhance the stability of Oman’s insurance market.

According to the FSA, both Muscat Insurance Company (SAOG) and Arabia Falcon Insurance Company (SAOG) did not meet the minimum requirement of retaining 40 percent of their net health insurance premiums within the Sultanate, as stipulated in Article 9 of the Health Insurance Law. This violation prompted the issuance of administrative decisions to both companies.

“Adherence to this percentage is one of the basic requirements aimed at supporting the local economy and promoting investments within the Sultanate by ensuring the availability of the necessary liquidity to develop the health insurance sector and its continued growth,” stated the FSA notice.

By requiring insurers to retain a percentage of premiums locally, the FSA aims to ensure that high-quality and efficient insurance services remain accessible to consumers in the long term, while also contributing to the financial stability of the sector.

The Authority reaffirmed its commitment to monitoring the performance of insurance companies in the Sultanate, and warned that it will continue to take appropriate action against any violations. The FSA stressed the importance of adherence to the regulations and legislation governing the insurance market to ensure financial fairness, protect stakeholders’ interests, and promote greater efficiency in the market.

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