Wednesday 30 / October / 2024
Muscat: The Capital Market Authority (CMA) issued a disciplinary decision, imposing an insurance company.
An online statement issued CMA said that its CEO had imposed a fine of 10,000 Omani Riyals against said insurance company for violating table (B) of the model of the unified vehicle insurance policy, as a result of misleading some policyholders of the existence of insurance coverage for personal accident supplement within the the compulsory insurance, in addition to its changing some terms mentioned in table (B) of the document model.
The authority has also stated that the company is to compensate policyholders affected by the violations.
It is worth noting that the CMA has issued a standard vehicle insurance policy form to regulate the relationship between insurance policyholders and insurance companies, in a manner that ensures the rights and duties of both parties and limits disputes.
The Personal Accident Supplement is an important service in the insurance coverage package for vehicle insurance, included in the unified vehicle insurance policy and an essential feature in comprehensive insurance and an optional feature in compulsory insurance.
A large segment of vehicle owners are keen to add this feature, due to their awareness of taking precautions against the risks expected while driving vehicles and the repercussions it has on the vehicle and passengers.
With this move, CMA has affirmed to all insurance companies and sector brokers the importance of adhering to professional and legal regulations in providing insurance services.
The authority has also drawn policyholders' attention to the importance of communicating with customer service departments in insurance companies or the Institutional Services Department of the authority by electronic means to enquire about insurance products or submit a complaint related to insurance companies.
