CMA discusses unified insurance policy

Muscat: Capital Market Authority (CMA) and its partners have devised a comprehensive plan to provide insurance coverage to all private sector employees beginning next year.
During a recent meeting with the health insurance committee, health insurers and agents were briefed on the plan and its implementation phases. Additionally, CMA offered an overview of the main features of the new unified insurance policy that will be launched prior to the implementation phase.
An outcome of many discussions led by CMA, this meeting ensures the participation of concerned parties, as well as a review of their views during project planning and setting basic standards. The committee met representatives from private health institutions, in coordination with the Ministry of Health and representatives from the General Federation of Oman Trade Unions.
“The meeting was organised to align efforts of all key players to achieve a sustained, consistent and institutional implementation mechanism that considers views and opinions of everyone. Apart from ensuring access to basic necessities, the generalisation will encourage private sector investments in health insurance and care. This, in return, will assure fulfilling the basic health coverage needs of employees. It will, on the other hand, contribute to the development of health insurance and care sectors, and ultimately the overall contribution of these two sectors to Oman’s GDP,” said Ahmed bin Ali Al-Maamari, Vice-President, Insurance Sector, and head of the health insurance project team at the Capital Market Authority.
The new unified health insurance policy will ensure providing basic health care coverage for local residents and expatriates, as well as convenience to employers. The implementation of the generalization plan will unfold gradually in stages, moving from large companies to smaller enterprises. The SMEs will be excluded from the initial application stages.
Since there will be an exponential increase in the demand of health insurance, employment and business expansion opportunities were also highlighted. By expanding the project, the sector is expected to witness a considerable level of growth and, consequently, create new business and job opportunities. The insurance sector is an important source of economic development and a means of avoiding, as well as managing risks.
The Council of Ministers has directed the Capital Market Authority to lead the planning and implementation of the generalization of health insurance coverage to all private sector employees in Oman. The foundation of the project is in its final stages, part of which is bringing together all concerned parties to ensure successful implementation, convenience to employers and quality services to beneficiaries.