Sunday 15 / March / 2026
Muscat: The Financial Services Authority (FSA) issued a decision approving the regulation of actuarial services offices.
The decision aims to establish a clear professional framework for practicing this specialised activity and to consolidate quality and efficiency standards in providing actuarial services to insurance and Takaful insurance companies.
The decision set a one-year grace period for existing actuarial offices to adjust their status in accordance with the provisions of the regulation, ensuring an orderly transition towards the full implementation of the new legislative framework.
Actuarial services offices are considered fundamental pillars for enhancing the efficiency of the insurance sector and ensuring the soundness of technical and financial practices.
The duties of approved offices encompass precise technical tasks that constitute a basic pillar in making sound insurance decisions, including preparing periodic actuarial reports, assessing risks, calculating technical provisions, studying pricing policies and analysing the financial position and future obligations of insurance companies.
The issuance of the regulation is based on the provisions of the Executive Regulation of the Insurance Companies Law, which mandates insurance companies to appoint an actuary or contract with an office approved by the Authority. This ensures that actuarial studies and reports are issued by qualified entities that meet the approved professional requirements.
The regulation outlined an integrated framework for the approval of actuarial services offices. Its second chapter detailed the requirements for approving these offices, most notably that all founders or owners, as well as at least one actuary, must hold a fellowship qualification in actuarial science from one of the entities referenced in the regulation or from an internationally recognized actuarial institute, subject to the Authority's approval.
Furthermore, the regulation granted the Authority the powers of supervision and control over approved offices. This includes conducting inspections and imposing administrative penalties in the event of any violations of its provisions, thereby enhancing professional compliance and raising the level of discipline in the market.
It is worth noting that the issuance of this regulation contributes to the development and organization of support services for the insurance sector. This enhances the alignment of the regulatory environment with the best international practices and standards, thereby supporting market efficiency, consolidating trust in the insurance market in the Sultanate of Oman, and contributing to the sustainability and financial stability of the sector.
