Add Activities to Insurance Companies
You can add new activities to the insurance company's list of activities, which helps in developing services and expanding the scope of work in line with market requirements, according to the Financial Services Authority.
Financial Services Authority
Required documents
- Financial forecasts for the next three years
- The benefits, restrictions and conditions of each document
- Documents indicating that measures will be taken to reinsure against risks for the activity to be carried out.
- The name of the actuary and his qualifications if the company practices life insurance operations and filling out the attached form for the actuary.
- Feasibility study and business plans.
- Risk management system, internal control system, information technology systems, forecasts, financial sources and technical bases followed to calculate the insurance premium rate.
- Evidence that the applicant has obtained a decision and a license certificate to practice insurance business in the Sultanate.
- A receipt for payment of the application study fees (1500) Omani riyals for each activity that the company wishes to practice.
- The Authority’s approval to appoint executive managers for the company.
- Filling out the form for granting the license.
- A certified copy of both the company's articles of association and its articles of association.
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Service fees Show
Fees for adding an activityFees paid for adding an activity.
1500
Service steps
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1
Submission of the application
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2
Application review
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3
Approval and activity addition
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4
Fees payment
Special conditions
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