Oman introduces new bancassurance regulations

The Omani Capital Market Authority (CMA) has published new regulations governing the bancassurance business in the Sultanate.

The new provisions are aimed at strengthening relations between insurers and banks, guaranteeing better consumer protection and limiting unhealthy practices in the marketing of bancassurance products.

Omani insurance companies must now get approval from the CMA before marketing this type of contract. The regulations also prohibit several insurance companies from selling the same product to the same bank.