• Frequently Asked Questions

    Find answers to all frequently asked queries about our insurance services and solutions

     

     

Motor

  • Yes, we insure cars, vans, buses and a lot more. The rate usually depends on the age, the capacity, make and value of the vehicle.
  • Yes, if your car is insured with us, your cover will extend into Oman.
  • Yes, of course. Driving experience anywhere in the GCC counts towards your eligibility for insurance with us.
  • Yes, of course! You can get your car insurance renewed and grab your motor insurance certificate from any of our branches near you.
  • Under our motor insurance plans, we offer the following types of covers:

    • Comprehensive cover, which covers any accidental damages to the owner’s vehicle and property damage, injury and death to any third party
    • Fire & theft cover
    • Third-party liability cover, which only covers any property damage, injury and death to third parties
    • Extension for personal accident for drivers, family members and passengers. This extension is available for all covers
  • Q: Am I eligible for Replacement Car / Loss of Use allowance?

    A: "Yes, if you have Comprehensive cover and the accident was not caused by you. As soon as your vehicle repair estimation is received from the repairer, the service provider will contact you to offer the service and explain about the documentary requirements. If due to any reason Replacement car is not provided, then Loss of Use allowance will be paid, as per the Insurance Authority guidelines. This benefit is not applicable for TPL-Third Party Liability and Fleet policies.


    Q: How is Loss of Use allowance amount calculated?

    A: The Loss of Use allowance depends upon number of days required to repair your vehicle and amount per day, subject to a maximum of 15 days . This amount is approved by Third Party Insurance Companies and is as per the guidelines issued by the Insurance Authority.


    Q: How much time will it take to receive Loss of Use allowance?

    A: The eligible amount will be transferred to your bank account in 5 business days from the time of receiving approval from the at-fault Third party Insurance company and upon receipt of your IBAN details.


    Q: I opted for courtesy car benefit but I was not at fault in causing the accident. Am I eligible for both courtesy car benefit and loss of use?

    A: Only one benefit is applicable at any given point of time. Loss of Use allowance is usually paid for the repair duration, subject to a maximum of 15 days. If the repair duration exceeds 10 days, Courtesy Car benefit can be availed, subject to terms specified in your policy.


  • Q: If my car is stolen, what is the procedure to submit my claim?

    A: First, you will need to report the incident to the police, obtain a report and then register the claim with us. To process the claim, we will need the following information from you:

    Final untraceable report which usually takes 6 months to obtain from the Police department
    Court judgement copy
    Original keys
    Original Vehicle Transfer letter and Discharge receipt

    On receiving the above, the claim will be treated as Total Loss case and amount will be settled in 5 business days.


    Q: My battery is not charging. Will my insurance cover its replacement?

    A: Your insurance policy covers only damages caused due to an accident.


    Q: Can I reimburse the cost of my tyres from my car insurance?

    A: Your insurance policy covers only damages caused due to an accident.


    Q: My vehicle got damaged while in the custody of valet parking/while parked in a shopping mall. Will my policy cover this?

    A: Yes, it should be covered. The damage caused by the valet parking company needs to be covered under their Liability insurance policy. So, make sure you obtain a police report that clearly mentions the valet parking company/driver is at fault. For your ease, we will settle your claim and recover the amount from the party at fault.


    Q: Can I submit a claim if my vehicle is broken and personal belongings are lost including cash?

    A: Personal belongings up to the limit mentioned in your policy document is covered, however cash is excluded.


    Q: What is the validity of the Orange card to cover accident damages while travelling to Oman?

    A: The validity period is mentioned in the Orange card issued to you and covers accident damages only during the specified period.


    Q: How do I claim the loss of my car keys?

    A: If you have availed this add on cover while purchasing your policy, then report the loss to the Police, obtain a report, and submit it along with an invoice for replacing the keys.


    Q: Is my vehicle covered if driven by anyone else?

    A: If the driver causing the accident is legally authorised to drive within the UAE, then the claim is covered.


    Q: What is Auto Gap Insurance?

    A: Auto Gap Insurance is an optional cover which can be availed for new vehicles for the first year only. During the first year of cover, if the vehicle results in a Total Loss, the full sum insured is payable to you without applying prorated depreciation.


    Q: Can a friend with visit visa drive my vehicle in the UAE?

    A: With an international driving permit, visitors are allowed to drive a rent-a-car hired within the UAE. This permit doesn't allow them to drive a private registered car.

    In the emirate of Dubai, according to Roads and Transport Authority (RTA), a tourist or visitor can drive a Dubai-registered car in the UAE. This is possible for certain nationalities with an international driving license. These countries include all the GCC nations, Austria, Belgium, Spain, Germany, France, Ireland, Netherlands, Italy, United Kingdom, Turkey, Greece, Switzerland, Norway, Denmark, Sweden, Romania, Poland, Finland, Portugal, Canada, United States, South Korea, Hong Kong, Singapore, Japan, Australia, New Zealand and South Africa. For more details, please visit the website of the Roads and Transport Authority. 

  • Q: For which type of claim “Deductible” or “Excess” as specified in my policy is applicable?

    A: Excess is applicable in case of Own Damage Claims.


    Q: What is “Deductible” or “Excess” Amount?

    A: Deductible or Excess is the amount payable by you in case of Own Damage claims. In case of repairs, you can directly pay the excess amount to the repairer and in case of total loss it will be deducted from the settlement amount.


    Q: What is Ancillary deductible mentioned in my policy?

    A: Ancillary deductible is the amount payable by you in addition to basic deductible in case of Own Damage Claims. Ancillary excess is usually applicable in case of Sports model and modified vehicles. It is always mentioned in your policy document.


    Q: Is Excess applicable for unknown damages?

    A: Yes, it is applicable as Unknown Damage is treated as Own Damage claim.


    Q: Do I need to pay the Excess for a broken windshield?

    A: Excess is applicable for all Own Damage Claims & Unknown Damages.


  • Q: What is an Own Damage Claim and a Recovery claim?

    A: If you are responsible for the accident as specified in Police Report, then it's an Own Damage Claim. If you are not responsible for the accident then it's a Recovery Claim.


    Q: A strong chemical has damaged the paint of my car while parked in an establishment? damage caused due to negligence of establishment management, how can I claim this?

    A: The damage caused while parked in any establishment needs to be covered under their Liability insurance policy, so make sure you obtain a police report that clearly mentions the establishment is at fault. For your ease, we will settle your claim and recover the amount from the party at fault.


    Q: How Insurance company will process single car accident claims?

    A: Single car accidents are treated and processed as own damage claims, hence excess will be applicable and payable by you.


    Q: Can my claim be declined by Insurance Company due to any reason?

    A: A motor claim may be rejected in the following instances:

    • If the driver does not have a valid driving license
    • He/she was driving the vehicle under the influence of alcohol or drugs
    • The accident took place beyond geographical limits
    • The vehicle was being used for unlawful purposes

    This list is not exhaustive. Please refer to your policy document for more details.


    Q: Do I need a police report to repair windscreen damage?

    A: Police report is a mandatory requirement to register a claim.


  • Q: As part of my claim what will be repaired by assigned Workshop?

    A: All damages caused as part of an accident will be repaired. Damages not mentioned in the Police Report will be considered unrelated and will not be covered.


    Q: What if a damaged part is not mentioned in the police report and I still want to get it repaired?

    A: You can get the repair by producing a revised Police Report which includes such damaged parts. In case damage is not related to the accident, you can still get it repaired by paying for it.


    Q: Where will be the repairs performed?

    A: This will depend on the cover you chose at the time of purchasing the insurance. If you have opted for Agency Repairs then your vehicle will be repaired at the vehicle’s authorized dealership. If you chose Garage Repair, your vehicle will be assigned to one of our select panel of Garages, in a location preferred by you.


    Q: What type of Garages are being used by Oman Insurance?

    A: We deal with select network of Garages who adhere to our strict quality controls. All our partner Garages have qualified and experienced technicians along with necessary infrastructure and repair equipment to ensure all repairs are done as per your satisfaction. Our selection process gives us the confidence to a provide 6-month guarantee on mechanical repairs and 12-month guarantee on body repairs and paint jobs.


    Q: Do you use original or refurbished parts for repair?

    A: All Agency repairs are performed using original parts and Garage repairs are performed using genuine used parts. For Garage cover policy, you can replace a part with a new one by paying the applicable depreciation percentage as per Insurance Authority guidelines. The garage will be able to guide you on the payable amount, if you choose this option.


    Q: Is there any specific garage to repair windshield damages?

    A: AUTOGLASS is a designated workshop specialized in windshield repairs. Please click here for more details.


    Q: What is expected timeline for repair completion?

    A: In general repairs are categorized as Minor, Medium, and Major. The average repair time is up to 3 days and 6 days for Minor and Medium repairs respectively. For Major repairs we will update you on the timelines before commencing work as it varies per case. Please note that the above timelines may differ in some cases. For example, if parts that needs replacement are not readily available. In all such cases, you will be notified by the repairer. Please see below the categories of repair.

     

    Minor Medium Major
    No requirement to replace parts Damages to 3-4 panels Repairs not falling under Minor and Medium
    Damage/impact to front/rear bumpers Front bulkhead damages up to radiator and condenser
    Scratches, Scrapes or Ding Rear side damages up to back panel replacement
    Mechanical damages limited to suspension
    Repairs involving body panel replacement restricted to either side quarter panel replacement only

     

    Please note that the above timelines may differ in some cases. For example, if parts that needs replacement are not readily available. In all such cases, you will be notified by the repairer.

     

    Q: Based on claim acknowledgement email, I need to drop my vehicle within 5 days for repairs, can I take additional time?

    A: Yes, of course! To avoid any inconvenience, we recommend you to schedule an appointment with the repairer. The contact details are provided in the claim acknowledgement email sent on your registered email address.


    Q: Why additional time is taken for repairs in case of Recovery Claims?

    A: If your vehicle repair estimation exceeds threshold limit, a notification needs to be sent to at fault Third Party Insurance Company. As per Insurance Authority Guidelines, we need to provide them 3 business days for approving the request. Notification needs to be sent if repair amount exceeds AED 5,000 and AED 10,000 in case of Garage and Agency repair respectively. These 3 days are then added to the repair duration, which increases the overall timeline.

  • Q: What is the contact number for emergency roadside services or to place vehicle towing request in case of an accident?

    A: You can reach us on the below number for immediate assistance
    800 6565 - Within UAE
    +971 4 387 6649 – Outside UAE


    Q: The accident made my vehicle immovable, and the police provided a recovery service. Can I claim the amount I paid for this service?

    A: Yes, you can. Just send us the invoice issued by Police recovery vehicle to motor-settlement@omaninsurance.ae by mentioning your claim number.


    Q: Residing in one Emirate but accident occurred in another Emirate. Will I get recovery service?

    A: Yes, towing service will be provided within the same Emirate. For inter Emirate recovery service, you need to pay applicable additional charges depending upon the Emirate.


    Q: Will I get emergency roadside assistance service while travelling outside of UAE?

    A: Our 24x7 emergency roadside assistance services are available round the year across the UAE and GCC. It covers all common roadside emergencies including towing, tire changes, gasoline delivery, breakdown, lock-out assistance, and dead battery services. For more details please click here.

     


    Q: Met with an accident, will I get towing service even if my vehicle is in driving condition?

    A: Yes it will be available on chargable basis. You can pay the amount directly to the service provider. The service is offered free of cost only if vehicle is not in driving condition.


  • Q: How Total loss is determined and settled?

    A: Your vehicle will be declared as Total Loss in one of the below conditions

    In case of damages or cut to chassis
    • If the repair costs exceeds 50% of the depreciated value of your vehicle, as per depreciation schedule prescribed by Insurance Authority

    You will need to transfer the ownership of your vehicle and submit to us original ownership transfer letter issued by the traffic department. Upon receipt of this letter, the depreciated value of your vehicle less applicable excess will be settled within 5 business days. If your vehicle is declared as Total Loss, we will send you all the required details and procedures via email.


Commercial

  • Yes of course! The contractor's plant and machinery are covered under our Contractor's All Risk policy.
  • No, sorry, these are non-cancellable policies.
  • No, sorry, we can only issue a burglary cover policy if there is a fire policy covering the items.
  • Definitely! As long as you have an existing fire policy covering the stock. You have the option of extending the fire policy to cover the same stock against burglary as well.
  • Yes, we do accept insurance through freight forwarders as long as the insurance is made in the name of the legitimate cargo owner.
  • No, not for all goods. It actually depends on the nature of goods (like glass items, vehicle, steel pipes, G.I. pipes, or bulk cargoes), the nature of conveyance, and the packing facility. Based on these factors an excess condition is imposed under the policy.
  • No, any loss or damage to items that are immediately affected by the above are not covered. However, your insurance can be extended to cover any loss or damage to the correctly executed items resulting from an accident that happened because of faulty design, defective material or workmanship.
  • Yes, we can provide All Risk cover for plasma TVs, as long as there is adequate packing.
  • Yes, we do! We insure a variety of pleasure crafts ranging from small to luxury crafts worth tens of millions of dirhams.
  • Yes, we do provide a degree of protection and indemnity (P&I) cover in accordance with the terms of your hull & machinery insurance cover. In addition to this, we can also offer you full P&I insurance, with liability for cargo, crew & pollution, from one of the reputable P&I clubs in London.
  • It depends. The excess charged can be a percentage of the shipment value or a percentage of claim amount or sometimes even a fixed amount.
  • Sure. We can insure your giraffes under our livestock insurance clauses.
  • Yes, of course, we can provide cover for your gift. Just remember that subject to the All Risks Parcel Post Clause, at least 25% of the value should be declared to the carrier (or on the air waybill).
  • Yes, we can cover your printing press under our Fire or Property All Risks policy.
  • You can get our Fire or Property All Risks policy for your office/shop/warehouse.
  • No, these are exclusions under the policy. However, the policy can be extended to remove these exclusions and cover the mentioned damages and injuries, with some limitations.
  • No, inland transit is usually an exclusion. However, the policy can be extended to cover inland transit, at terms to be agreed.
  • Normally, export/third country shipment cover terminates at the point of discharge of goods at the seaport/airport of arrival. But on a case-by-case basis, we do provide land transit cover from warehouse to warehouse. This usually depends on the nature of goods & the distance of the final warehouse from the port of discharge.
  • Yes. Loading/unloading is covered in the Contractor's All Risk policy.
  • Yes, the insurance is valid on any airline as long as the passenger is assigned a proper seat.
  • Yes, third-party liability is covered while the equipment is being used as a tool-of-trade within contract sites.

  • Yes, tsunami should be covered as long as the provided policy covers earthquakes.
  • No, it's not. It totally depends on you. But we would say that it is advisable.
  • Yes, of course, you can insure the shipped goods with us as long as there have been no known or reported loss up to the date and time you contact us.
  • So, this is how it goes. You will need to estimate the maximum value of the stock that you may be holding at a particular point of time during the policy. This will be considered as the sum insured and the premium rate is charged based on this amount. 

    At the beginning of each month, you will need to declare the highest value of the stock that you were holding during the previous month. The same will be considered as the declaration for that month. At the end of the policy period, the premium is adjusted based on the average monthly declarations provided by the insured.
  • No, you don't need to. It is the responsibility of the owner of the building to buy insurance cover for it since he has got the insurable interest. 

    You can purchase insurance for the contents of your shop. However, to protect yourself in the event of any damage to the building, for which you are legally liable, you may also opt for the Tenant's Legal Liability extension under our Fire/Property All Risks policy.
  • To be honest, we don't usually insure plastic factories. However, you can reach out to us and we can come to a decision based on your case.
  • There is no fixed tariff in such cases. The rate/premium is usually decided on a case-to-case basis, depending on your building, the kind of covers you are looking for, and other factors.
  • Incoterms (or International Commercial Terms) are a series of terms published by the International Chamber of Commerce. These are used to communicate the obligations between the buyer & seller with respect to transport, costs & risks. The most common incoterms are:

     

    • EXW - Ex Works
    • FCA - Free Carrier
    • FAS - Free Alongside Ship
    • FOB - Free on Board
    • CFR - Cost & Freight
    • CIF - Cost, Insurance & Freight
    • CPT - Carriage Paid To
    • CIP - Carriage & Insurance Paid to
    • DAF - Delivered at Frontier
    • DES - Delivered Ex Ship
    • DEQ - Delivered Ex Quay
    • DDU - Delivered Duty Unpaid
    • DDP - Delivered Duty Paid

  • Actual & Constructive Total Loss.
  • We'll need the following details when providing marine cargo insurance:

    - Name and address of the insured
    - Details of the consignment
    - The packing condition
    - How the cargo is packed (pallets/carton/bales/bags/bundles etc.)
    - Conveyance, like steamer in container/non-container/on-deck/breakbulk/bulk &/or airfreight/land conveyance/air parcel post 
    - The value of the consignment
    - The basis of valuation 
    - The origin and destination of the voyage
    - Whether any transhipment is involved
    - Confirmation letter from the insured about the rate and terms agreed by them
  • For providing P&I cover, we will need the vessel’s complete details, including its trading area, class, type of cargo, the number of crew members, the nationality of the crew and a survey report.
  • Item 1: Value of contract works at the completion of the construction inclusive of all materials, wages, freight, customs duties, dues and materials or items supplied by the principal.

     

    Item 2&3: The replacement value of construction plant, equipment and construction machinery which shall mean the cost of replacement of the insured item by new items of the same kind and capacity.

  • The sum insured in an Erection All Risks policy is the total value of the erection works or civil engineering works at the completion of the erection, inclusive of the freight, customs, duties & dues, and erection cost.
  • All Risk covers the loss or damage to the insured subject matter by perils of the sea, general average sacrifice, salvage charges, jettison, overloading or derailment of land conveyance, collision or contact of the vessel with any external object other than water, breakage, water damage, non-delivery and partial losses, excluding certain perils which appear under the exclusion clause.
  • An electrical clause excludes any damage to the equipment directly caused by any fluctuations in electrical current or short circuit, which subsequently results in a fire. However, the policy covers damages subsequently caused to any other items by the said fire.
  • Hazardous goods are those that have a low flash point and can easily get damaged by fire.
  • Loss of rent or alternative accommodation insurance covers the insured for the amount of rent they might lose in the event of a loss or damage to the insured property.
  • The cost of replacing an insured property or asset in case of damage or loss.
  • In addition to the primary covers, our Fire Policy has extensions for earthquakes, storms, floods, tempest, the impact of vehicles and aircraft, bursting of pipes, riots and strikes, and malicious damage explosion.
  • Classification societies are independent, non-profit, non-governmental committees representing ship owners, shipbuilders, engine builders & underwriters. They define the standards that ensure that ships are built & maintained in seaworthy and safe conditions.

    Classification is compulsory for ocean-going vessels and vessels above a certain size.
  • In addition to everything that's covered under the "C" clause of the institute cargo clauses, this one also covers damages in the event of non-delivery of an entire unit as per bill of lading &/or entire container (damages are not covered).
  • • Material Damage
    • Third Party Liability
  • Fire and Lightning.
  • In CPM policies, the sum insured is calculated based on the current new replacement value irrespective of the original purchase value.
  • A Fire Insurance policy provides cover for risks of fire and other damages that occur due to fire. A Property All Risks policy provides cover for burglary and accidental damage in addition to covers for fire and its allied perils. Therefore, Property All Risks has a higher premium.
  • In the case of insurance, the "mode of transport/transit' will be how the goods being insured are transported from one place to another. The mode of transit/transport could be a steamer in container/non-container/bulk/break bulk, and/or air freight, and/or land conveyance, and/or parcel post etc.
  • The standard war rate is 0.05% as per the war scale for non-war-prone areas.
  • You should buy an annual policy for Contractor's Plant and Machinery if your machinery is going to be used in different locations throughout the year.
  • Chandeliers, glassware items, sugar shipments & bulk shipments in general.
  • The thing is, the value of machinery is likely to increase every year. At some point in time, the value of some of the parts may even exceed the purchase value. Hence, in order to bridge this gap, the machinery should be insured for its new replacement value.
  • No, the value of your existing property needs to be declared and will be covered under section I (material damage). You will be charged a premium will be charged for the same.

Group and Credit Life

  • Kindly check your policy terms and conditions or reach out to your Relationship Manager to confirm.

CRS Entities

  • The information on this website is based on OIC’s interpretation of the CRS regulations and we make no claims about its accuracy, completeness, or up-to-date character, and that applies to any site linked to this website as well. The information contained on this website does not constitute any form of legal advice or tax advice.

     

    Nothing on this website should be viewed as tax advice nor as a substitute for the advice of a competent attorney. The information on this site is not intended to be used for the purpose of avoiding compliance with the CRS regulations.

  • The authorized signatory can provide the certification on behalf of the entity/controlling person as the CRS self-certification form is required for the account holder only. The authorized signatory will be reported if he/she maintains a separate account with OIC and if he/she is a tax resident in one or more of the participating jurisdictions.
  • We will be unable to establish your tax residency as per the CRS regulations. We shall use the information held on our records to determine whether you may be tax resident outside the UAE and report them accordingly to the UAE Ministry of Finance. We encourage you to complete and return the form, so as to ensure that reporting decisions are based on accurate information.
  • FATCA requires information to be reported about US persons, including US citizens and residents, whereas, CRS requires financial institutions to report the policy/account and 'tax residency' information of all reportable persons (a tax residency concept, regardless of citizenship).
  • Information needs to be provided once at the time of policy/account opening. The customer is required to provide an updated form, in case of change in customer circumstances, which may indicate a change in tax residency status.
  • All financial institutions regulated in the UAE, including banks, custodians, insurers and asset managers are required to be compliant with the CRS.
  • The tax residency status of all customers should be identified and all accounts should be classified. Although customers may be residents in the US, they may also be tax residents in other jurisdictions.
  • • Determine and monitor the tax residency status of the individual or entity based on management and control and / or incorporation
    • Tax residency of an individual or entity is not fixed
    • Multiple tax residencies are possible in the same year
    • Different tax residencies in subsequent years
  • Customers may be tax resident in more than one jurisdiction depending on their circumstances. You should list all jurisdictions in which you are treated as tax resident and provide the tax identification number for each one. Please contact a professional tax advisor or check the OECD website for more information on how to determine your tax residency, as OIC cannot provide any tax advice.
  • There is a possibility that certain countries do not issue Tax Identification Numbers. In such a case, a customer is required to provide details as to why it has no TIN in the self-certification.

     

    Jurisdictional guidance on TINs (or functional equivalents) may be found on the OECD website.

  • In line with the CRS requirements, we will ask you for your:

    - Name
    - Address
    - Country(ies) of tax residence
    - Taxpayer identification number(s) of each identified tax residency
    - Place of registration/incorporation (for Entities)
    - Entity Type (for Entities)
    - Controlling Person Type for certain Entity Types:
    - Date of Birth
    - Place of Birth
    - Residence Address
    - Country(ies) of tax residence
    - Taxpayer identification number of each identified tax residency
  • The information provided to the tax authorities will include the following details:

    - Name
    - Address
    - Jurisdiction(s) of tax residence
    - TIN(s)
    - Name of the reporting financial institution
    - Account number
    - Account balance
    - Gross amount paid to the account in a year (interest, dividends, other income)
    - Gross proceeds paid or credited to the account

    Additional information for individual accounts and Controlling Persons may include:
    - Date of birth
    - Place of birth
  • You must notify OIC within reasonable time if there is any change in circumstances regarding your tax status, and provide an updated self-certification declaration on a dedicated form.
  • For entities, this is typically where the entity has an obligation to file a tax return or is liable to pay income or corporation taxes. This may be determined by where the entity is incorporated, but there are other determining factors, based on each jurisdiction's tax residency rules.

     

    Please note that OIC is not authorized to provide any tax advice to customers. Therefore, we suggest you to contact a tax advisor. Additional information may also be found on the OECD website.

  • The Common Reporting Standard (CRS) is a global standard under OECD (Organization for Economic Co-operation and Development) for automatic exchange of financial account information for tax purposes. CRS is a global version of FATCA and the UAE Ministry of Finance has committed to implementing the CRS guidelines, starting 1 January, 2017. The CRS regulations require financial institutions such as Oman Insurance or any of its affiliates ('OIC'), to collect and report certain information about a policyholder's current tax residency, policy/account information and information about its Controlling Persons, as mandated by the concerned UAE authority. The concerned UAE authority may then share this information with the tax authority where you are tax resident.
  • CRS is a mandatory requirement of our policy/account opening procedure. In case you do not want to provide the required information then we will not be able to process your policy request for dealing with OIC.
  • For further information on your tax residency, please refer to the rules governing tax residence that have been published by each local tax authority. You can also find out more at the OECD website.
  • The CRS provides that an Entity's status as a Financial Institution or non-financial entity (NFE) should be resolved under the laws of the Participating Jurisdiction in which the Entity is resident.

     

    If an Entity is resident in a jurisdiction that has not implemented the CRS, the rules of the jurisdiction in which the account is maintained determine the Entity's status as a Financial Institution or NFE, since there are no other rules available.

     

    When determining an Entity's status as an active or passive NFE, the rules of the jurisdiction in which the account is maintained determine the Entity's status. However, a jurisdiction in which the account is maintained may permit (e.g. in its domestic implementation guidance) an Entity to determine its status as an active or passive NFE under the rules of the jurisdiction in which the Entity is resident, provided that the jurisdiction in which the Entity is resident has implemented the CRS.

  • Under the CRS, tax authorities require financial institutions such as OIC to collect and report certain information relating to their customers' tax statuses.

     

    If you open a new account/policy, invest in new financial products or change your circumstances in some way, we will ask you to certify a number of details about yourself. This process is called 'self-certification' and we are required to collect this information under the CRS.

  • OIC will respect your data privacy. We will only disclose your information to the relevant tax authorities if we are legally required to do so.
  • The CRS regulations require OIC, to collect and report information, as mandated by the concerned UAE authority. The concerned UAE authority may then share this information with the tax authority where you are tax resident.