The International Association of Insurance Supervisors (IAIS) has published a detailed assessment of the Sultanate of Oman’s observance of the IAIS Insurance Core Principles (ICPs) under its Member Assessment Programme (MAP). The review assesses Oman’s regulatory and supervisory framework as having a good level of observance, with a majority of ICPs rated Observed or Largely Observed. The assessment notes that Oman’s Financial Services Authority (FSA) has developed its regulatory and supervisory approach in recent years, including introducing new risk-based capital requirements and enhancing supervision of insurers with actuarial review input. MAP assessments use an evidence-based review of the legal structure, jurisdictional regulations, and supervisory policies and practices; the IAIS also held meetings in Muscat with the FSA, government officials, and industry stakeholders. The report sets out ICP-by-ICP observance levels, recommendations to improve observance, the authority’s response, and an institutional and market overview. The IAIS stated it has completed five MAPs since 2019, and its MAP for Costa Rica is scheduled for completion in mid-2026.
International Association of Insurance Supervisors 2025-06-27
International Association of Insurance Supervisors publishes Oman review finding good observance of Insurance Core Principles
The International Association of Insurance Supervisors (IAIS) assessed Oman’s observance of Insurance Core Principles, noting compliance with most principles as Observed or Largely Observed. The review highlights Oman’s Financial Services Authority's regulatory advancements, including risk-based capital requirements and enhanced insurer supervision. The IAIS has completed five Member Assessment Programmes since 2019, with Costa Rica's evaluation set for mid-2026.