We, Qaboos bin Said, the Sultan of Oman
after perusal of the Basic Statute of the State issued by Royal Decree 101/96,
the Insurance Companies Law issued by Royal Decree 12/79 and its amendments,
Royal Decree 61/96 Adopting the Organisational Structure of the Ministry of Commerce and Industry,
and the Capital Market Law issued by Royal Decree 80/98 and its amanedments,
and in pursuance of public interest,
have decreed as follows
Article I
The mandates and assets relating to insurance are hereby transferred from the Ministry of Commerce and Industry to the Capital Market Authority, and the officers working in the Insurance Directorate are hereby transferred to it with their same employment status.
Article II
All revenues and fees stipulated in the mentioned Insurance Companies Law are hereby transferred to the Capital Market Authority.
Article III
The organisational structure of the Ministry of Commerce and Industry must be amended accordingly.
Article IV
The phrase “Ministry of Commerce and Industry” is hereby replaced with the phrase “Capital Market Authority” and the phrase “Minister of Commerce and Industry” with the phrase “Executive President of the Capital Market Authority” wherever they occur in the mentioned Insurance Companies Law and the regulations and decisions in its implementation.
Article V
This decree must be published in the Official Gazette, and comes into force on the date of its issuance.
Issued on: 16 Jumada Al-Thani 1425
Corresponding to: 3 August 2004
Qaboos bin Said
Sultan of Oman
Published in Official Gazette 773 issued on 15 August 2004.