CMA approval must to market insurance products

MUSCAT: The Capital Market Authority (CMA) has issued new regulations for insurance products which will be effective from today. According to the regulations, insurance companies will be allowed to roll out insurance products only after obtaining a written approval from the CMA. In order for an insurance company to have an insurance product approved, it should fill a form especially made for that purpose and present it to the CMA, pay prescribed fees of RO 100 for studying the application and RO 500 for permit obtainment.
In addition, applicants should meet the requirements set by CMA including specifying the insurance product, presenting insurance policy and other required documents either originally written in Arabic, otherwise consistent Arabic translation of the documents should be attached, presenting a pricing policy which should be compliant with the CMA underwriting and pricing guidelines. Other documents required include a certificate issued by an insurance specialist or a certification from the legal inspection committee for Takaful insurance.