Amendment to the brokerage legislation

The authorities have submitted a draft project for the amendment of the law governing the activity of insurance brokers.
The new version introduces a series of measures. It sets the credit payment terms between the client and the broker, redefines the minimum capital required and imposes the separation of business coming from direct brokerage and those emanating from reinsurance operations.

The authorities are striving to strengthen the role of brokers in the market and estimate that their presence strengthens the range of services available to policyholders.

The 36 Omani brokers have two weeks to provide feedback on the project. The new legislation should enter into force before the end of 2015.