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Oman’s capital market and insurance regulator, the Capital Market Authority (CMA), has ruled out any extension to the three-year window given for Omani insurers to comply with regulations issued in August 2014. Royal Decree 39/2014 introduces an amendment to Oman’s Insurance Law which requires Omani insurers to double their capital to OMR10 million and list on the Muscat Securities Market by the end of July 2017.

Executive President of the CMA, H.E Abdullah al Salmi, speaking on the sidelines of the 11th Muscat Securities Market Forum in October, put an end to speculation that he might consider extending the mandatory listing deadline due to the dampening effect adverse market conditions have had on IPO plans in 2016. H.E al Salmi reiterated that the three-year grace period given for insurers to comply with the new rules was adequate and that it will always be difficult to predict the right time to go public as market conditions evolve continuously.

The new rules are expected to boost the insurance sector’s access to capital as well as to increase transparency via the financial reporting rules in place for publicly-listed companies. They are also aligned with the regulator’s aim to increase investment opportunities for individuals and small retail investors.