The Oman Financial Services Authority has approved a new Regulation for Actuarial Services Firms, establishing a professional framework for firms providing actuarial services to insurance and Takaful insurance companies. Existing actuarial firms are given a one-year grace period to regularise their status under the new requirements. The regulation sets out an approval regime for actuarial services firms, including a requirement that all founders or owners and at least one actuary hold a Fellowship qualification in actuarial science from specified bodies or a recognised international actuarial institute, subject to FSA approval. It also formalises the FSA’s supervisory powers over approved firms, including inspections and administrative penalties for breaches ranging from warnings and administrative fines of not less than 1,000 and not exceeding 50,000, to temporary suspension of approval until violations are remedied or cancellation of approval. The transition period is intended to support an orderly shift to full compliance with the new framework.
Oman Financial Services Authority 2026-03-15
Oman Financial Services Authority approves regulation for actuarial services firms and grants one-year transition period
The Oman Financial Services Authority approved a regulation for actuarial services firms, establishing a framework for those serving insurance and Takaful companies. It mandates founders and at least one actuary hold a Fellowship qualification from specified bodies, subject to FSA approval, and formalizes supervisory powers including inspections and penalties. Existing firms have a one-year grace period to comply.