FSA seeks public inputs on regulation for insurance loss examiners and surveyors

The Financial Services Authority (FSA), which regulates Oman's capital markets and insurance sectors, is reaching out to insurance and takaful companies, stakeholders, interested parties, and the general public, inviting them to share their views and provide feedback on the draft regulations for insurance loss examiners and surveyors.

This initiative, according to the FSA, aims to establish a robust regulatory framework for the operations of insurance loss examiners and surveyors. It seeks to define the minimum requirements for their profession while also regulating the relationship between these professionals and their clients.

'This effort is crucial for ensuring the sustainability and continuity of their services and for aligning them with industry standards,' the FSA said in a press statement.

The draft regulations will be available on the FSA'S website for a two-week period starting from

April 3, 2024. This follows the FSA'S established practice of posting draft laws and regulations for public consultation, emphasising community participation and feedback before finalisation.

The regulations will be shaped by incorporating input from the public and stakeholders. After review by relevant authorities, they will be presented to the FSA'S board of directors for approval.

This collaborative approach underscores the FSA'S commitment to transparent and inclusive policymaking.

The regulations will be shaped by incorporating inputs from the public and stakeholders. After review by relevant authorities, they will be presented to the FSA’S Board of Directors for approval