Regulation

Oman allows banks to sell insurance policies

Central Banking | 11 Feb 2001 |

The Central Bank of Oman (CBO) has allowed commercial banks operating in Oman to sell insurance policies in partnership with any insurance companies in the Sultanate. However, the Central Bank has stipulated that the policies must be sold by the insurance company staff on the banks' premises.The new CBO move, according to insurance circles, would certainly give a fillip to insurance companies, which have been struggling for survival in the last couple of years. Now the banks can sell general as well as life insurance through their strong branch network.

Topics: insurance, Oman, Central Bank of Oman