English abstract
The insurance companies play an important role in any economy. In addition to its importance to provide insurance protection against risks for individuals and institutes; these companies also have a special economic importance as it gather a lot of money from both the insured and the shareholders. It holds the management of these funds and investing it, thus encourage investment and savings, avoid freezing capital and facilitate loans. As the competent authorities issue the license for the solidarity insurance companies; it's essential to put a legal framework that includes special control standards for these companies so that it's activities will not intersect with commercial insurance activities which can lead to legitimate suspicion that is contrary to the desired objective : Compliance with the Islamic rules.
Thus, the purpose of this study is to examine the legal regulations for solidarity and commercial insurance companies to its funds, comparing Omani and Emarati laws with clarification of the impact of these regulations on the rights and obligations of the companies, the insured and the shareholders ; particularly with regard to the surplus insurance. The study also focused on the regulatory system that regulates fund management by these companies.
The study have concluded that obliging solidarity insurance companies to the Islamic rules will lead to special rules for managing and investing the insured funds ; different than the rules followed by commercial insurance companies. It also concluded that the rights and obligations of the insured in solidarity companies are different than other companies, especially in relation to the funds and surplus.
Based on these conclusions, the study recommends adding a special law in the Omani solidarity insurance regulations to limit the surplus of the solidarity fund to the insured with obliging these companies to pay the legally due Zakat. It also recommends that the General Market Authority should establish a higher legal committee for supervision once the solidarity insurance law is issued, and setting special standards for these companies to invest its funds, keeping it able to compete in the insurance market.
