Thursday 28 / November / 2024
Muscat: The Capital Market Authority (CMA) has issued an order for compulsory health insurance for workers in the private sector.
Speaking exclusively to Times of Oman, an official from the Capital Market Authority said the authority has issued an order sheet for health insurance for workers in the private sector, which includes basic coverage and additional benefits, and a special supplement for domestic workers, including housemaids, drivers and others.
The official confirmed that another health insurance document has been issued for residents and visitors to the Sultanate of Oman of all nationalities.
The official said “the regulations and provisions that regulate the support to complementary institutions of the health insurance system, have been issued, adding that “we are awaiting the directives of the Council of Ministers.”
The official confirmed that the legislative structure to regulate the health insurance market before actual implementation of the compulsory health insurance project for private sector, visitors and residents in the Sultanate of Oman, has been prepared.
Pointing out that health insurance rules have been issued and the insurance companies law has been amended by a royal decree, he said according to this decree, the insurance institutions in the Sultanate of Oman have been classified into three categories, namely, general insurance, life insurance and health and family insurance. He said “earlier, insurance was limited to just the general insurance and life insurance sectors.
“With regard to insurance products, the official said “we have noticed during the past five years that health insurance products have been exported by acquiring the largest share of the total insurance premiums, which in 2021 amounted to 35 percent of the total insurance portfolio, and there is also a growth in the number of insured persons, which reached 610,000, compared to 2017 when the number of insured persons was less than 400,000. This reflects the growing demand for this product.”
He explained: “In light of these indicators, the Capital Market Authority continues its efforts to regulate the health insurance market, and it has completed the legislative and regulatory structure for this sector. It is also working on the Dhamani electronic platform, which will connect various government agencies and health insurance practitioners to ensure quality of services and ease of control over them.”
“At the same time, the Authority has sought to complete the governance of the health insurance operations and companies operating in this field in a way that guarantees protection to the policyholders and provides them with the best services,” he added.
The official indicated that these issuances were made under the supervision of an integrated team headed by the Capital Market Authority and in the presence of representatives from the concerned authorities, including the Ministry of Labour, Oman Chamber of Commerce and Industry, Ministry of Commerce, Industry and Investment Promotion and the Ministry of Health.
