Muscat: The Capital Market Authority (CMA) has issued regulations underpinning the Health Insurance Scheme (Dhamani) to private sector workers, residents and visitors to the Sultanate.
Abdullah Salim al Salmi, Executive President of the Capital Market Authority said: “The issuance of the decision represents an advanced step in the readiness of the legislative structure and legal frameworks, which is one of the five steps adopted by the Authority in the implementation of the Dhamani project.”
He added: “The health insurance rules aim to regulate the obligations of all parties, namely insurers, third party administrators, health services providers, the worker and employer.”
Al Salmi explained that the health insurance rules set out the regulations and specify the legal obligations of each of the parties in the insurance process in four chapters focusing on the following: General provisions governing health insurance market; licensing requirements to carry out the business; obligations of the parties; and dispute resolution.
Al Salmi pointed out that insurance companies licensed to practice health insurance activities will be obliged to apply the electronic linking system “Dhamani Platform” in order to keep abreast of modern techniques in regulating the relationship between the bodies associated with the project.
“It aims to enhance the economic value added of the health insurance market; the rules have directed insurance companies to maintain at least 40 per cent of the insurance premiums in Oman. As to the licence to practice the health insurance, the rules set out a number of licensing requirements with the aim of creating efficient and highly professionally capable insurance institutions.
Al Salmi expressed his happiness at the level of readiness of the legislative structure and regulatory regulations in the preparatory phase to circulate the health insurance project to the private sector employees mandatory.
It is worth mentioning that the Council of Ministers approved at its session No. 26/2017 work to entrust the CMA in coordination with the concerned authorities to prepare the regulations and legislation necessary for the application of the health insurance system for private sector workers, residents and visitors to the Sultanate.