Dubai-based Oman Insurance Co. PSC said that after 11 years in Qatar, the country's central bank declined its application for a branch license, leaving it unable to sell or issue insurance policies in Qatar.

The company is working closely with the central bank on ways to manage its existing portfolio and minimize the impact of the change on its clients. Existing coverage remains in effect, with policies still active and risks covered as per conditions of the contracts.

Oman Insurance is a unit of Mashreqbank PSC.