• Frequently Asked Questions

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

     

     

Boat

  • Our standard terms cover sailing/trading across whole of the Arabian Gulf with restrictions such as sailing around Iran. We will be happy to extend the sailing limits further if you require.
  • Jet skis, tenders and other nautical toys are covered under our comprehensive yacht terms. These includes third party coverage for passengers and hull damage cover for Jet ski. However, under standalone Jetski policy, only TPL and personal accident is covered.
  • We offer comprehensive cover for all types of yachts, boats and pleasure craft vessels.
  • Yes it will be covered if your plan includes a 'transit clause'. While buying the plan, do mention the requirement to our underwriters to do the needful.  

Travel

  • Yes, the insurance is valid on any airline as long as the passenger is assigned a proper seat.

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.