Upward revision of minimum capital of insurance companies

An amendment is expected by the Capital Market Authority (CMA). Once the law is amended, the minimum capital required for all insurance companies will go from 13 to 26 million USD, with an obligation of being listed on stock markets.

According to the president of the CMA, Sheik Abdullah bin Salem Al Salmi, these new measures are intended to strengthen the capital of companies, so that they have the ability to manage more risk, and therefore retain more premium within the Sultanate.

The President of the CMA has also revealed that Oman Reinsurance (Oman Re) plans to raise its capital to 77.7 million USD in a near future.