Oman issues amended Unified Motor Insurance Policy

Business Sunday 14/February/2016 22:28 PM
By: Times News Service
Oman issues amended Unified Motor Insurance Policy

Muscat: Amendments to the Unified Motor Insurance Policy were approved by the Capital Market Authority yesterday as part of the continued review of the capital market and insurance sector legislation.
Sheikh Abdullah Salim Al Salmi, Executive President of CMA, speaking about the new version of the Unified Motor Insurance Policy, said the new amendments were effected seven years after the issuance of the policy in 2008 as a standard form of insurance contract with minimum limits in the contract.
He pointed out that the new version of the policy focuses on transparency between the transacting parties to limit the disputes on its various interpretations as well as upgrading the levels of additional insurance benefits provided by insurers for more protection for policyholders and for more transparency and additional benefits as per the requirements of various participants.
He added that the unified motor insurance policy affects the greatest segment of policyholders as motor insurance represents about 44 per cent policy holders in the Omani market, as per insurance indicators last year.
It is noteworthy that the insurance sector in the Sultanate has witnessed legislative and regulatory development, in line with the best international practices.
It also achieved considerable growth at 14.8 per cent on an average over the past years with insurance premiums at about OMR0.5 billion as per the unaudited financial statements of the past year.