The Oman Financial Services Authority issued two administrative decisions warning Badri Management Consultancy and Lux Actuaries & Consultants for failing to meet the minimum requirements for actuarial reports for the financial year ended December 2024, contrary to FSA instructions. The action was taken against the backdrop of applicable regulatory frameworks requiring insurance companies to prepare financial statements in line with International Financial Reporting Standard IFRS 17 and to adhere to technical requirements, including full and accurate disclosure of procedures used to estimate insurance reserves. The FSA reiterated that relevant parties are expected to comply with issued circulars and regulations and signalled continued use of supervisory measures aimed at protecting beneficiaries’ rights and supporting confidence in the insurance sector.
Oman Financial Services Authority 2026-04-02
Oman Financial Services Authority issues warnings to two actuarial firms for non-compliant actuarial reporting
The Oman Financial Services Authority issued administrative warnings to Badri Management Consultancy and Lux Actuaries & Consultants for failing to meet minimum requirements for actuarial reports for the financial year ended December 2024. The authority underscored the need for compliance with International Financial Reporting Standard 17 and related technical disclosure requirements, and signalled continued supervisory measures to protect beneficiaries’ rights and support confidence in the insurance sector.