MUSCAT – The decision gives existing actuarial offices one year to align their operations with the new provisions, ensuring a smooth transition to the full implementation of the regulatory framework.
Actuarial service offices play a key role in the insurance sector, performing essential tasks such as preparing periodic actuarial reports, assessing risks, calculating technical provisions, analysing pricing policies, and reviewing the financial positions and future obligations of insurance companies. These activities underpin sound decision-making and strengthen the integrity of technical and financial practices.
The regulations, based on the executive provisions of the Insurance Companies Law, require insurance companies to appoint an actuarial expert or contract with an accredited office. Accreditation criteria include holding a fellowship qualification in actuarial science from a recognized institute and obtaining the Authority’s approval.
The framework also grants the Authority powers to supervise and inspect accredited offices, including imposing administrative penalties for violations, aiming to enhance professional compliance and market discipline.
The FSA said the new regulations will help organize support services for the insurance sector, align regulatory practices with international standards, and strengthen confidence, efficiency, and financial stability in Oman’s insurance market.