Legislation That Leads To More IPOs

With a large number of recent IPOs in Oman caused by amendments to the Oman Insurance Companies Law, Ms Catherine Jaskiewicz of BSA looks at the various provisions of the new legislation and the regulatory framework. A number of insurers in Oman are set to launch their initial public offerings (IPOs) this year to comply with the amended provisions of Royal Decree 39/2014 which require insurers to change their legal status to public joint stock companies.

The number of public issues conducted recently by insurers operating in Oman is a direct result of amendments to the Oman Insurance Companies Law introduced by Royal Decree No. 39/2014, promulgating amendments to certain provisions of the Insurance Companies Law. The changes introduced by the new legislation oblige insurers to adhere to a raised minimum capitalisation requirement and to become publicly traded firms.