Creation of an emergency fund for insurers in Oman

The Capital Markets Authority has established an emergency fund for insurance companies. The fund's mission is to address insurers' failures and honour their obligations towards customers and beneficiaries.

A fee of 0.25% will be levied on life insurance premiums and 1% on non-life premiums. Other resources such as donations, grants ... may be allocated to this fund at a later date. The money raised will be invested to generate new revenues.

The fund's priority is to deal with personal injury claims for both death and injuries. Claims from government agencies and companies whose risks are reinsured within the Sultanate will also be borne by the fund.

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