The Capital Market Authority, which regulates the insurance sector in Oman, can be credited with putting in place over recent year’s international standards and practices in accordance with which the Oman insurance industry now operates. These include Oman’s Commercial Companies Law 18/2019 and the Executive Regulations issued thereunder, the Capital Market Law 80/98 and the Executive Regulations issued thereunder and the Insurance Companies Law 12/79 and the Executive Regulations issued thereunder.
The GCC insurance market has reported significant economic expansion and diversification. Although Oman is a smaller market, insurers in Oman are experiencing overall growth, similar to the GCC experience. Many insurers in Oman have a generous level of capital relative to underwriting exposures; some do not. Underwriting risks are therefore hedged in a strong reinsurance sector. Increasingly, the primary market is increasingly expected to reduce its dependence on reinsurance business by means of capital raisings.
Insurers and reinsurers need legal advisers in Oman who can identify critical issues, provide advice in plain English and propose practical solutions. SASLO’s insurance team has wide ranging experience in corporate, regulatory and contentious matters arising in relation to the conduct of insurance business.
Business risk is not covered simply by insurance. We also have experience of acting for corporations over a range of industry sectors, enabling us to advise on how to best manage risks which are particular to your business.
Our Insurance practice encompasses a full range of services covering transactional and regulatory advice as well as representing the client in numerous insurance issues and disputes. Our lawyers have experience in domestic and international insurance as well as reinsurance transactions. We have handled numerous insurance litigations and our experience extends to every line of insurance coverage which includes, amongst others, health, aviation, marine, general liability, property. We have handled traditional corporate and financing transactions such as mergers, acquisitions, joint ventures, corporate restructuring, formation and capitalization of new insurance companies, and insurance company investment transactions. We have advised our insurance clients on numerous contractual loss allocation issues, including indemnity and hold harmless agreements, contractual limitations of liability, and agreements to procure insurance.
Regulatory change is the key issue, in addition to the declining asset values and increased credit risk in the insurance industry. Our insurance lawyers have not only advised the insurance companies, investment banks and other financial institutions to manage assets and liabilities but also mitigate larger risks.
Our clients include some of the most reputed life, health, property & casualty, mortgage and financial guarantee insurance and reinsurance companies, insurance brokers, commercial banks, investment banking firms, investment advisors, private equity firms, hedge funds and regulatory agencies.
We are a market leader in the insurance sector, and act for several listed Omani insurance companies as well as Omani branches of foreign insurance companies. We have advised a leading MENA insurance company on the acquisition of a global insurer’s insurance business in Oman. We routinely advise insurance companies on their compliance with the Insurance Companies Law 12/79 and the Executive Regulations issued thereunder, and on their compliance with the Code of Corporate Governance for Insurance Companies. We also regularly act for insurers in connection with their settlement of claims.
Our areas of expertise includes: