Get New License for Insurance Company

Required documents

• Risk management system, internal control system, information technology systems, forecasts, financial sources and technical bases followed to calculate the insurance premium rate.
• A copy of the articles of association.
• A copy of the company's articles of association.
• A detailed statement of the founders, including their full name, nationality, percentage of each of them, and experience.
• A certificate of no criminal record for all founders.
• An economic feasibility study and business plans.
• Financial forecasts for the next three years from the date of establishment.
• The company's letter requesting final approval to practice insurance business in the Sultanate.
• Filling out the forms prepared to obtain final approval.
• The name of the company, its legal form, the commercial registry registration number, the date of its establishment, and the address of the main office.
• Models of documents issued by the company for each branch of insurance, the benefits, restrictions and conditions of each document, provided that they are in Arabic. As for life insurance and capital formation operations, a certificate certified by an actuarial expert must be attached stating that these prices, benefits and restrictions are sound and valid for implementation.
• Documents indicating that measures have already been taken or will be taken to reinsure against risks for the activities and types of insurance that you wish to practice (details of the reinsurance agreement arrangements).
• CV of the company manager and his experience certified and authenticated by the competent authorities
• A copy of the contract appointing all managers and general managers or the CEO or job heads, provided that they are qualified and have insurance knowledge to fill those positions.
• The name of the actuary and his qualifications if the company practices life insurance operations and filling out the attached form for the actuary.
• A copy of the issuance prospectus.
• A copy of the bank certificate of payment by the founders and subscribers of the value of their shares, provided that it is not less than the minimum capital.
• A table specifying the redemption values ​​of the insurance contracts that the company undertakes for the two branches of life insurance and money formation, which must be stated in each insurance document.
• A deposit certificate in the amount of 75,000 Omani riyals in one of the banks operating in the Sultanate to practice general or life insurance and an amount of 150,000 Omani riyals if the request is for a license to practice general and life insurance for national insurance companies.
• Names of the company's board members and their details.
• Data of the founders, including full name, nationality, address, percentage of each of them and experience.
• Feasibility study and business plans.
• Filling out the forms prepared with the data of the company that wants to practice insurance business in the Sultanate of Oman.
• Filling out the form for the data of the person authorized to submit the application.