CMA establishes unified agreement for health insurance scheme

Muscat: The Capital Market Authority (CMA), which supervises and regulates the insurance sector in the Sultanate of Oman, has put into force the unified agreement for the health insurance scheme from January 2023.  

Aimed at offering the best practices and high-quality services and avoiding disputes among the parties of the insurance relationship, the agreement comes as a part of the efforts made in regulating the interrelationships of the stakeholders in the insurance market: insurance companies, private health institutions and health insurance claim management companies.  

The agreement is considered to be a legal instrument which achieves the best practices in the daily interactions of the stakeholders. It contributes to increasing the quality of the services provided in addition to regulating, unifying and accelerating the transactions among the stakeholders.  This will eventually help in the reduction of disputes and conflicts of interest.  

Furthermore, the agreement enhances and regulates the financial flows among the stakeholders by linking them to the online platform, Dhamani. It also specifies the obligations of each party involved during their daily operations and the regulatory procedures followed in cases of fraud and misuse and the steps followed to resolve any disputes.

This will encourage the service providers to offer their best services that meet the specified standards and practices to preserve the rights and privileges of the insured.  Additionally, it will create a competitive environment that contributes to developing the performance of the insurance sector following the strategy that the CMA seeks to achieve during the years (2021-2025).