Muscat: His Majesty Sultan Haitham Bin Tarik has issued two Royal Decrees.
A statement issued online by Oman News Agency (ONA), said: "His Majesty Sultan Haitham Bin Tarik issues two Royal Decrees, the first decree amending some provisions of the Insurance Companies Law, and the second decree amending some provisions of the Takaful Insurance Law."
A statement issued online by the Capital Market Authority (CMA) said: "The amendment made was to separate health insurance from the rest of insurance activities. Previously it fell under the general insurance activity."
His Excellency Sheikh Abdullah Salim Al Salmi, Executive President of the CMA, told ONA, "This represents a qualitative leap in the regulation of the Omani insurance market, as it moves the sector to a new stage of regulation and a higher level of quality of services."
Reasons for the amendment were:
* A response to the increasing importance of the health insurance sector and the rapid growth of the health insurance market during the last period.
* Health insurance documents are witnessing an increase in demand, as the average annual growth of this sector during the past eight years reached 19 per cent.
* Acquisition of 34 per cent of the total insurance premiums for the year 2020, amounting to 155 million Omani Riyals.