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Oman: Minimum capital for insurers increased to $26 million

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Insurers in Oman have been directed to increase their minimum capital to 10 million Omani rials ($26 million) from OMR 5 million, Times of Oman reported.

Existing insurers have been granted a three-year grace period to raise their minimum capital, according to Ahmed Ali Al Maamari, acting director general of insurance supervision at the Capital Market Authority. Currently, only new insurers are required to maintain a minimum capital of OMR 10 million.

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