We, Qaboos bin Said, the Sultan of Oman
after perusal of the Basic Statute of the State issued by Royal Decree 101/96,
the Vehicle Insurance Law issued by Royal Decree 34/94,
the Capital Market Law issued by Royal Decree 80/98,
and in pursuance of public interest,
have decreed as follows
Article I
The text of article 8 of the mentioned Vehicle Insurance Law is hereby replaced with the following text:
The Chairman of the Board of Directors of the Capital Market Authority—after the approval of the Council of Ministers—may issue a decision to establish a guarantee fund to assist the physically injured and the heirs of the deceased in vehicle accidents in the event that the vehicle causing the accident is unknown.
The decision issued in this regard must regulate the working rules of the fund, its sources of financing, the proportions or amounts borne by each source, the controls on the disbursement of assistance, as well as the conditions and exceptions that must be met when covering the mentioned accidents.
The chairman of the board of directors of the authority may add other cases to be covered by the assistance of the fund after obtaining the approval of the Council of Ministers.
Article II
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 Vehicle Insurance Law and the regulations and decisions in its implementation.
Article III
This decree must be published in the Official Gazette, and comes into force on the day following the date of its publication.
Issued on: 28 Rabi Al-Awwal 1428
Corresponding to: 16 April 2007
Qaboos bin Said
Sultan of Oman
Published in Official Gazette 838 issued on 1 May 2007.